GBP/USD is directionless on Wednesday morning in Asia ahead of the Bank of England policy meetings which are scheduled for Thursday. The British pound posted a setback against the US dollar on Monday after it fell by 0.62% as investors continue to monitor the Hawkish stance of the US Federal Reserve. Investors are expecting a 25-bps interest rate hike from the Bank of England and a 50-bps interest rate hike from the US Federal Reserve. The relative strength index is printing a reading below 30, suggesting that the GBP/USD is oversold. If bulls fail to hold onto the current level at the 1.2500 mark, then GBP/USD could extend its decline towards the next immediate support on the downside at the 1.2410 level.
