Today, the spotlight in the currency pair will be on the Nonfarm Payrolls data and other key releases scheduled for the day.
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The GBP/USD pair is currently holding steady around the 1.2530 mark.
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Today, although the UK will release its manufacturing PMI, the focus on the currency pair will be on the FOMC press conference tonight and other important data releases throughout the day.
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There is a consolidation movement observed in the pound toward the 1.2500 level as the market awaits the FED rate decision.
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The rally in the GBP/USD pair continued up to the critical level of 1.2555-1.2560 range, which is significant due to both the presence of the 200-day moving average and the trend resistance.
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Although data released in the US caused a brief sell-off in the cable (GBP/USD) yesterday, it failed to put an end to the approximately 220-pip rally it experienced this week.
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A significant rebound was observed for the GBPUSD pair from the daily trend level.
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Yesterday's release of the composite PMI data, which came in above last month's figures, led to a short-term rally in the cable, with gains of around 150 pips since Monday, stemming from the trend support level.
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The pound hovers around the 1.2345 mark, having recently hit a fresh 5-month low at 1.2300.
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