Overall, GBP/USD is ranging across. Recently, GBP/USD trended into the resistance zone of 1.36000.
During the monetary policy meeting yesterday, the Bank of England hiked the interest rate by 0.25% from 0.25% to 0.50% in an effort to tame the rising inflation in the UK.
The central bank’s Governor Andrew Bailey also highlighted during the press conference that more rate hikes can be expected.
The UK Construction PMI data (Forecast: 54.3, Previous: 54.3) will be released later.
Bank of England MPC Member Broadbent will be speaking later. During this time, there may be volatility in GBP.
Currently, GBP/USD is testing the resistance zone of 1.36000 and the next support zone is at 1.33800.
If GBP/USD breaks the resistance zone of 1.36000, look for short-term buying opportunities of GBP/USD up until the release of the US nonfarm payrolls data.
