The GBP/USD pair has shown signs of recovery and maintained stability near the 1.2580 level at the start of the European trading session on Wednesday.
Based on technical analysis, on the 4-hour chart, the Relative Strength Index (RSI) continues to remain below 50, indicating ongoing selling pressure.
Furthermore, the pair is currently trading below the simple moving averages (SMA) of 20, 50, and 100, suggesting that GBP/USD is continuing to sustain a downward trend.
Based on technical analysis, on the 4-hour chart, the Relative Strength Index (RSI) continues to remain below 50, indicating ongoing selling pressure.
Furthermore, the pair is currently trading below the simple moving averages (SMA) of 20, 50, and 100, suggesting that GBP/USD is continuing to sustain a downward trend.
