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GBP/USD finds technical support at 1.2592 so far today

On Friday the GBP/USD did fall below an important technical level. That was the price point of the 200 day moving average (now at 1.2592). The low seen was set at 1.2575. The modest rebound that followed saw it lift back to around 1.2625. The Pound later closed out the week at 1.2601. Earlier today it tested that 1.2592 level, but that has capped the downside so far. The rebound high since then has been set at 1.2617. So, the price action has remained inside the seen on Friday and as you can see, that 200 day moving average has provided support so far today. That is despite the UK money market yield curve heading into an inverted configuration out to one year. That is all due to the UK markets now anticipating rate cuts further down the line. The GBP/USD is currently trading at 1.2607 

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