Home / Market Update / Forex Market / GBP/USD Declines on BoE Dovish Tone

GBP/USD Declines on BoE Dovish Tone

The British Pound (GBP) is trading lower against the US Dollar (USD) on Wednesday, with the USD rising on the back of strong manufacturing data with surging PMI and factory orders.

Meanwhile, the GBP is impacted by recent remarks by policy makers in front of the House of Commons Treasury Committee, which signaled fears of risks due to the COVID-19 crisis.

The GBP/USD pair is trading lower by 0.46% for the day at 1.3323, after closing Tuesday at 1.3384, moving throughout the day in a range between 1.3284 and 1.3403.

Support Levels: 1.3333 – 1.3283 – 1.3208

Resistance Levels: 1.3458 – 1.3533 – 1.3583

Check Also

Coinbase plans to list more meme coins amid regulatory optimism

According to Tom Duff Gordon, vice president of Coinbase, the exchange will probably be able …