GBP/USD Bounces Above 100-Hour MA Amidst Quiet Economic Releases

The GBP/USD currency pair staged a recovery on Wednesday, rebounding from session lows of around 1.3281 to trade at approximately 1.3367.

This upward move also marked an escape from a descending channel formation in the 60-minute chart, according to technical analysis.

The pair's advance has taken it above the 100-hour moving average line and into overbought territory on the 14-hour RSI indicator.

From a fundamental perspective, the US Federal Reserve kept interest rates unchanged at 3.75% as expected, while US housing price index data for May showed a better-than-expected increase of 0.3% versus a forecasted 0.2% change.