Pound Sterling Holds Near 1.3200 Amidst Market Uncertainty
The Pound Sterling has experienced a short-term pullback, with the GBP/USD pair trading near the 1.3200 level. The US Dollar has gained strength, supported by a stronger-than-expected US economy and uncertainty regarding the Federal Reserve's monetary policy outlook.
The Bank of England's (BoE) cautious stance on interest rate cuts and the potential for a stronger US Dollar have weighed on the Pound Sterling. However, the pair's overall bullish trend remains intact, with support at the 1.3200 level.
GBP/USD Technical Outlook
The GBP/USD pair is trading near a crucial support level at 1.3200. A break below this level could signal a further decline, with potential support at the 20-week EMA near 1.3000. However, the pair's bullish momentum and the recent breakout above the Rising Channel formation suggest a potential for further upside.