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GBP/USD Declines on BoE Dovish Tone

M. Ali 2 September, 2020 11:22 pm Forex Market, Market Update

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

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