Pound Sterling Price News and Forecast: GBP/USD is sensing resistance around 1.1520

FXStreet Team FXStreet

GBP/USD struggles around 1.1520 ahead of BOE Bailey and Fed Powell’s speech

The GBP/USD pair is facing barriers in crossing the immediate hurdle of 1.1520 in the early Tokyo session. The asset is displaying a volatility contraction phase after correcting from the round-level resistance of 1.1600 on Tuesday. The cable witnessed a steep fall after the market participants underpinned the greenback on robust US ISM Services PMI data.

GBP/USD

Overview
Today last price	1.1514
Today Daily Change	-0.0003
Today Daily Change %	-0.03
Today daily open	1.1517

Trends
Daily SMA20	1.1856
Daily SMA50	1.1969
Daily SMA100	1.2218
Daily SMA200	1.2782

Levels
Previous Daily High	1.1522
Previous Daily Low	1.1444
Previous Weekly High	1.1761
Previous Weekly Low	1.1496
Previous Monthly High	1.2294
Previous Monthly Low	1.1599
Daily Fibonacci 38.2%	1.1492
Daily Fibonacci 61.8%	1.1474
Daily Pivot Point S1	1.1466
Daily Pivot Point S2	1.1416
Daily Pivot Point S3	1.1388
Daily Pivot Point R1	1.1545
Daily Pivot Point R2	1.1573
Daily Pivot Point R3	1.1623

GBP/USD outlook: Bears take a breather as market looks for signals about the action of new UK PM

Cable edged higher in Asian / European trading on Tuesday, boosted by cautious optimism that new UK Prime Minister Liz Truss will manage handle deepening crisis, though market will look for a much more evidence about the action the new government will take. The key problem that Truss face will be to cap energy costs, as soaring prices strongly hit UK households, by sharply rising cost of living.

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