GBPUSD : The risk of more discount

Hey lovely traders! The GBP/USD is fluttering around 1.2680 this Wednesday, as the markets eagerly await a fresh impulse from the Federal Reserve, with investors slowly stepping back from high-rate cut bets. This week's spotlight is on the U.S.'s GDP and Personal Consumption Expenditures (PCE) inflation data release.

The UK's data front is a bit quiet this week, with all eyes set on pivotal stats to fine-tune expectations for a Fed rate cut.

In this scenario, GBPUSD is struggling to climb, with short to medium-term adjustments indicating a downward trend, already slipping past the 1.267 support level. If the next support at 1.265 falls prey to the bears, a dip below 1.262 seems quite plausible given the absence of significant support levels to buoy GBPUSD. Let's stay tuned and navigate these waves together, shall we? What's your vibe on GBPUSD's next move?

Trade closed: target reached