GBPUSD
stays depressesd near 1.2745 as it fades the previous day's corrective bounce off the lowest level in a month amid early Wednesday in Asia. In doing so, the Cable pair portrays the market's cautious mood ahead of the top-tier Chian data. However, fears emanating from China's banking and realty sector join the rating downgrade from Moody's and Fitch to spoil the sentiment and fuel thhe US Dollar. Also read: GBP/USD trips down on woves about global ecnomic growth, also on a solid USD
While portaying the mood, Wall Street closed inn the red with major losses among the bank stocks whereas the US 10-year Treasury bond yields dropped to the weekly low of around 3.98% before bouncing off 4.03% by the day's end.
Technically, bearish MACD signals and the sustained trading below the 10-DMA hurdle, around 1.2770 by the press time, keep the GBP/USD sellers hopeful.
Adding strength to the downside bias is the quote's previous fall below the rising trendline stretched from early March and June, respectively near 1.2820 and 1.2955.
That said, the 38.2% Fibonacci retracement level of the quote's March-July upside, near 1.2630, acts as immediate support for the Pound Sterling. Following that, the bears will have more say in directing the GBP/USD prices.