The GBP/USD pair remains on the defensive around 1.2630 on Thursday during the early European trading hours.
GBP/USD trades on a softer note below the mid-1.2600s on Thursday ahead of UK GDP growth numbers data. The pair keeps the bearish vibe below the key EMA; RSI indicator holds below the 50 midlines. The immediate resistance level will emerge at 1.2655; the initial support level is located at the 1.2600–1.2605 zone. The hawkish tone from Federal Reserve Governor Christopher Waller early Thursday has lifted the US Dollar broadly, which creates a headwind for the GBP/USD pair.
The first upside barrier for GBP/USD will emerge near the upper boundary of the Bollinger Band at 1.2655. A break above the latter will expose the 100-period EMA at 1.2685. Further north, the next hurdle is seen near a high of March 18 at 1.2746, followed by the psychological level of 1.2800. On the flip side, the initial support level of the major pair is located near the lower limit of the Bollinger Band at the 1.2600-1.2605 region.
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