GBP/USD bears are moving ahead eying 1.2350

The GBP/USD pair is testing trendline support and running into resistance near 1.2470. The 1.2350s become accessible on a breach below trendline support.

The pair, which rose from a low of 1.2392 to a high of 1.2474, is currently trading at 1.2436, down 0.02% on the day. However, as the following technical analysis will show, the pair is hitting resistance. The market is once again experiencing hawkish sentiment, which is helping to support the US dollar.

When officials wrap up a two-day meeting on May 3, futures pricing indicates an 85.7% chance that the Fed will raise rates by 25 basis points, however the prospect of a rate cut by December has shrunk noticeably.