GBP/USD Price Analysis: Establishment above 1.2000 is a prerequisite for further upside
The GBP/USD pair is displaying a sideways performance in the early Tokyo session after a juggernaut rally to near 1.2080. The Cable witnessed an immense buying interest after sustaining above the round-level resistance of 1.1900. A significant improvement in investors’ risk appetite strengthened the Pound Sterling.
GBP/USD rallies above 1.2050, prints a new three-month high
The Pound Sterling is rallying back above 1.2000 after the release of mixed economic data out of the United States (US), weighed on the US Dollar (USD). At the same time, a risk-on impulse keeps European and US equities trading with gains ahead of the release of the Federal Reserve’s (Fed) last meeting minutes. At the time of writing, the GBP/USD is trading at 1.2051 after hitting a daily low of 1.1872.
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