The GBP/USD exchange rate was flat on Wednesday as investors waited for the upcoming Fed and Bank of England (BoE) decisions. The pair remained at the important support level at 1.2700 as some experts predicted that a bullish breakout was around the corner.

Sentiment is: Positive

Technical Analysis

GBP/USD is heading towards the support line of a Channel Down. If this movement continues, the price of GBP/USD could test 1.2607 within the next 22 hours. It has tested this line numerous times in the past, so this movement could be short-lived and end up rebounding just like it did in the past.

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