Pound Sterling Price News and Forecast: GBP/USD is marching towards 1.1400 as pound bulls got [Video]

FXStreet Team FXStreet

GBP/USD advances towards 1.1400 on UK’s reverse tax cut move, US NFP in focus

The GBP/USD pair is gathering momentum in the early Tokyo session to cross Monday’s high at 1.1334. The cable has been strengthened after witnessing a north-side break of the consolidation formed in a 1.1029-1.1232 range. The asset is expected to hit the critical resistance of 1.1400 sooner as the UK government’s U-turn move on tax cuts has infused fresh blood into the pound bulls.

GBP/USD

Overview
Today last price	1.1328
Today Daily Change	0.0161
Today Daily Change %	1.44
Today daily open	1.1167

Trends
Daily SMA20	1.1303
Daily SMA50	1.1702
Daily SMA100	1.1978
Daily SMA200	1.2593

Levels
Previous Daily High	1.1235
Previous Daily Low	1.1025
Previous Weekly High	1.1235
Previous Weekly Low	1.0339
Previous Monthly High	1.1738
Previous Monthly Low	1.0339
Daily Fibonacci 38.2%	1.1155
Daily Fibonacci 61.8%	1.1105
Daily Pivot Point S1	1.105
Daily Pivot Point S2	1.0933
Daily Pivot Point S3	1.084
Daily Pivot Point R1	1.1259
Daily Pivot Point R2	1.1352
Daily Pivot Point R3	1.1469

GBP/USD hits weekly high following tax cut U-turn, WTI Crude hits twelve-day high on Monday [Video]

The British Pound rebounded on Monday, as the government scrapped plans to lower the top rate of tax. Last week, Chancellor Kwasi Kwarteng lowered the top rate of tax from 45% - 40%, which would have been the lowest rate for top earners in the G-7. However, following the reaction on markets, with GBPUSD falling to a historical low, he stated today, “We get it, and we have listened”.

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