• GBP/USD experiences dip, shedding 0.17% following BoE’s surprise 50 bps rate hike.
• Technicals suggest a downward trend, with RSI exiting overbought conditions.
• Key levels to watch: support at a weekly low of 1.2691 and resistance at a YTD high of 1.2848.

GBP/USD opened the Asian session with a  bearish mood after hitting a weekly high of 1.2841 to see those gains evaporate as UK recession fears reignited, post the Bank of England 50 bps rate hike. The GBP/USD closed on Thursday with losses of 0.17%. At the time of writing, the GBP/USD exchanges hands at 1.2742.

Must read: GBP/USD dives following unexpected BoE rate hike, sparking UK’s recession concerns