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.

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