GBPUSD Difficulty when encountering strong resistance areas

GBPUSD is holding lower ground below 1.2650 in European trading on Wednesday. The US Dollar is building its recovery gains amid a cautious mood, ignoring negative US Treasury bond yields. Key US data, BoE and Fed speak awaited for fresh trading impetus.

GBPUSD continues to churn at the intraday level, cycling 1.2650 trapped between technical resistance at the 1.2700 handle and rising near-term technical support from the last swing low into 1.2550.

GBPUSD has run aground on the 50-day Simple Moving Average (SMA), but the pair is holding onto bull territory after a double bounce from the 200-day SMA near 1.2575.