GBP/USD holding in mid range this morning but headwinds remain

As you probably know, on April 28 the GBP/USD reached 1.3444. That high was just 10 pips above the 2024 high, at 1.3434. It was also the highest level for the Pound since February 2022. Well, since then the Pound has been falling back and what we can see on the daily bar chart is a series of lower daily closes. The GBP/USD closed on Friday at 1.3272. Outside of the wider rebound in the dollar since April 28, the Pound has stalled because the markets have focused on the prospect of an interest rate cut this week from the Bank of England. That dynamic has also helped to lift the EUR/GBP slightly in more recent trade. The failure of the GBP/USD to build on a rise above 1.3434 is not yet entirely conclusive though, but it does not look that positive on the daily bar chart right now. The risks of a deeper fall below 1.3234 is live and only a rise back above 1.3345 might negate that. The high seen on Friday afternoon was set at 1.3331. The range seen so far today has been covered by 1.3257 to 1.3307. It is currently trading in the middle of that, right now at 1.3282