The British Pound has edged somewhat lower against the Dollar on Thursday, giving up modest intraday gains, despite the risk-on mood surrounding the market.
The Sterling is falling for third straight day against the Greenback, currently trading at the 1.5960 region, recording a 0.27% loss on Thursday. GBP/USD remains under pressure as investors speculate the BoE might consider more monetary stimulus to support the nation's economy following its decision to keep monetary policy unchanged today.
From a technical perspective, Slobodan Drvenica, analyst at Windsor Brokers Ltd, said, "Negative near-term picture favors further losses, with key support at 1.5910 in focus, as pair continues to channel lower from 1.6745 and broke below 200 day MA, on a daily chart. On the upside, immediate barrier lies at 1.6000 zone, while 20 day MA, currently at 1.6055, is expected to cap corrective attempt. Regain of key short-term barrier at 1.6139 would improve and signal fresh strength".
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