GBP/USD Price Analysis: Bears take on bullish commitments at weekly support

GBP/USD remains in the hands of the bears as per the following analysis. The price has been in a strong downtrend but there is some deceleration in the price action as per the daily chart. 

The price is moving in on the weekly demand area and there is more downside to go until it reaches the July 2020 lows near 1.2250. 

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GBP/USD sees establishment above 1.2500, Fed-BOE policy in focus

The GBP/USD pair has attempted a rebound from 1.2473 in the early Tokyo session and is looking to sustain above the psychological resistance of 1.2500. The cable has gained some strength as the US dollar index (DXY) is witnessing some stellar long liquidation after reaching elevated levels.

The DXY seems unable to recapture its 19-year high at 103.93 as clouds of uncertainty over the rate hike decision by the Federal Reserve (Fed) are fading away. A risk-on impulse is finding some attraction and risk-sensitive currencies are gaining momentum. The DXY has done a test below 103.50, at the press time and is likely to skid further. The extremely overbought situation in the momentum oscillators has supported the DXY bears to play the road, at least for a while.

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This article was originally published by Fxstreet.com.Read the original article here.

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