GBP/USD remains on the defensive below 1.2400

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The GBP/USD remains near its lowest level in three months below 1.2400 at the start of Monday. The currency pair is struggling to find a floor despite market optimism and widespread US dollar weakness. It is important to be cautious about significant risks such as UK inflation data and Bank of England decisions.

On the other hand, any further price increase is likely to encounter resistance around the 1.2400 levels, which if cleared could lead to a short-term recovery and push the GBP/USD pair towards the psychological level of 1.2500. The recovery momentum may persist, although there is a risk of rapid weakening near this week's high levels around 1.2545-1.2550

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This week has been a heavy performance for the GBP/USD pair as both the Federal Reserve (Fed) and the Bank of England (BoE) are preparing to make interest rate decisions in the middle of the week. The British Pound (GBP) is fighting for its position against the US Dollar (USD) as investors prepare their positions.

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In case Wall Street opens on a bullish note and main equity indexes push higher, the USD could stay on the back foot. GBP/USD could limit its losses in that scenario but a decisive move to the north could be hard to come by.

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GBP/USD remains confined in a familiar trading band near a multi-month low.