February 4, 2023

GBPUSD has been struggling to gather recovery momentum

GBP/USD Price Analysis: Bulls prepare an assault of 1.2400 and beyond

The GBP/USD is trading almost flat as the Asian Pacific session begins. On Wednesday, the GBP/USD closed on a higher note, up by a half percent (0.50%), but fell short of achieving a daily close at 1.2400. Nevertheless, the uptrend remains intact, and the GBP/USD exchanges hands at 1.2392, registering minimal losses of 0.04%.

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GBP/USD Forecast: Additional losses likely if 1.2300 support fails

GBP/USD has been having difficulty gaining traction after closing in negative territory on Tuesday. 1.2300 aligns as key support for the pair and a four-hour close below that level could open the door for further losses. According to Reuters, traders are now fully pricing in a 25 basis points Bank of England rate cut in 2023.

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