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 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.