GBP/USD Holds Below 50-Day EMA, Eyes 1.3400 Confluence
The British pound remains under pressure against the US dollar, trading near 1.3370 after four consecutive losing sessions. Technical indicators show a bearish bias as the pair stays below key moving averages.
GBP/USD is steady but weak during European trading on Wednesday, oscillating around 1.3370. The pair has now declined for four straight sessions, with sellers maintaining control.
From a technical perspective, the spot price remains capped below both the 50-day and nine-day Exponential Moving Averages. This configuration points to a mildly bearish near-term bias. A break above the 50-day EMA, near the 1.3400 confluence zone, would be needed to shift the outlook.
Traders are watching for a catalyst—either a decisive push above 1.3400 to invalidate the bearish pressure, or a continued slide toward the next support levels.
Source: FXStreet Forex News