The Pound Sterling (GBP) reverses course on Wednesday as the Greenback edges higher on the day, as risk appetite deteriorates following news reports that Iran's nuclear Bushehr power plant was hit.
Brown Brothers Harriman’s (BBH) Elias Haddad notes GBP/USD is challenging resistance at its 200-day moving average near 1.3434 as UK inflation remains well above the Bank of England's (BoE) 2% target.
According to UOB’s Quek Ser Leang, GBP/USD rebounded to 1.3364 and may edge higher toward 1.3410, though a clear break above that level is seen as unlikely given only modest momentum. Intraday, gains are expected to stay below 1.3390, with support at 1.3335 and 1.3320.
The GBP/USD pair is trading near the 1.3350 price region on Tuesday, striking a bullish tone as investors continue to move away from the US Dollar (USD) ahead of the Federal Reserve (Fed) monetary policy decision on Wednesday.
