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GBP/USD pares recovered 3.84% from the last week’s loss

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GBP/USD Price Analysis: Hovers around 1.1130s, after testing 1.1200

The GBP/USD rallies sharply, trimming some of the last week’s losses, closing to the 1.1200 figure after being at the brink of testing parity when the pound fell to its lowest at 1.0356. At the time of writing, the GBP/USD is trading at 1.1133, 0.25% above its opening price, as the Asian session begins.

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GBP/USD advances, tests solid resistance

Sterling has tried to remain in positive territory today, fighting to jump above the major short-term resistance near 1.0930. If successful, sentiment could improve, pushing the Pound and other risk assets higher. With the introduction of Prime Minister Liz Truss’ budget, the UK’s economic outlook recently took a turn for the worst.

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