Pound Sterling Price News and Forecast: GBP/USD is holding itself above 1.1250

FXStreet Team FXStreet

GBP/USD builds cushion around 1.1250 as focus shifts to US/UK PMI

The GBP/USD pair is displaying a lackluster performance after declining from the critical resistance of 1.1350 in the early Asian session. The cable is oscillating in a narrow range of 1.1250-1.1266 and is expected to continue the volatility contraction pattern ahead of the PMIs data. Earlier, the asset rebounded firmly after sensing a decent buying interest of around 1.1200. The decline move from 1.1350 is a corrective move, which seems to conclude sooner and an upside journey will resume.

GBP/USD

Overview
Today last price	1.1234
Today Daily Change	-0.0025
Today Daily Change %	-0.22
Today daily open	1.1259

Trends
Daily SMA20	1.1519
Daily SMA50	1.1828
Daily SMA100	1.206
Daily SMA200	1.2666

Levels
Previous Daily High	1.1364
Previous Daily Low	1.1212
Previous Weekly High	1.1738
Previous Weekly Low	1.1351
Previous Monthly High	1.2294
Previous Monthly Low	1.1599
Daily Fibonacci 38.2%	1.127
Daily Fibonacci 61.8%	1.1306
Daily Pivot Point S1	1.1193
Daily Pivot Point S2	1.1126
Daily Pivot Point S3	1.104
Daily Pivot Point R1	1.1345
Daily Pivot Point R2	1.1431
Daily Pivot Point R3	1.1497

GBP/USD drops toward the 1.1250 area after BoE’s hike

The British pound oscillates around its opening price, following consecutive monetary policy decisions of the Bank of England, earlier rising rates by 50 bps, while the Fed hiked 75 bps on Wednesday. Initially, the GBP/USD dropped toward new YTD lows at 1.1211 but bounced off and hit a daily high above 1.1350 before tumbling below the 1.1300 mark. At the time of writing, the GBP/USD trades around 1.1258s.

EUR/USD looks sidelined below 1.1600

EUR/USD remains on the back foot in the latter part of the NA session on Thursday, now attempting a consolidative theme in the sub-1.1600 region. A more cautious market mood, driven by the escalating conflict in the Middle East, together with broad-based strength in the US Dollar, is favouring the continuation of the leg lower in spot.

GBP/USD stays offered near 1.3340

GBP/USD fades Wednesday’s uptick and trades with decent losses in the 1.3340 zone in the latter part of Thursday’s session. Cable’s weakness, alongside the rest of the risk complex, follows the strong performance of the Greenback amid intense geopolitical jitters.

Gold: further weakness could challenge $5,000

Gold comes under fresh selling pressure on Thursday, slipping back below the $5,100 mark per troy ounce. Persistent strength in the US Dollar (USD) is preventing the yellow metal from building a meaningful recovery, even as markets remain risk-averse amid the deepening conflict in the Middle East.

Crypto Today: Bitcoin, Ethereum, XRP hold weekly gains despite US-Iran war

The cryptocurrency market is gaining strength on Thursday, building on Wednesday's upswing, which saw Bitcoin reach a weekly high above $74,000. Ethereum and Ripple are moderating their recent gains amid uncertainty stemming from the escalating war in the Middle East.

Two PMIs, two Chinas

China’s economic data are often treated with a degree of caution by global investors. The challenge is not necessarily that the numbers are incorrect, but that they can describe very different parts of a vast and complex economy. Nowhere is that more evident than in China’s PMIs.

Ripple tests recovery strength amid steady ETF inflows, growing retail interest

Ripple (XRP) continues to demonstrate notable resilience as the cryptocurrency market navigates the persistent war in the Middle East after the United States (US) and Israel attacked Iran on Saturday.