GBP/USD, H4 20 March 2024
The GBP/USD pair experienced a slight recovery from yesterday's lows but continued to exhibit
weakness against the dollar. The market's hawkish expectations reinforced the dollar's strength,
particularly in response to last week's robust U.S. Producer Price Index (PPI) reading. Investor focus now turns to the U.K.'s Consumer Price Index (CPI) reading, scheduled for release today, followed by the Federal Open Market Committee (FOMC) interest rate decision. Both sets of data are anticipated to significantly influence the price dynamics of the GBP/USD pair.
GBP/USD recorded a rebound but remains trading in a bearish trajectory. Suggesting that the pair remains trading with bearish momentum.
Resistance level: 1.2780, 1.2880📉
Support level: 1.2630, 1.2530📈
The GBP/USD pair experienced a slight recovery from yesterday's lows but continued to exhibit
weakness against the dollar. The market's hawkish expectations reinforced the dollar's strength,
particularly in response to last week's robust U.S. Producer Price Index (PPI) reading. Investor focus now turns to the U.K.'s Consumer Price Index (CPI) reading, scheduled for release today, followed by the Federal Open Market Committee (FOMC) interest rate decision. Both sets of data are anticipated to significantly influence the price dynamics of the GBP/USD pair.
GBP/USD recorded a rebound but remains trading in a bearish trajectory. Suggesting that the pair remains trading with bearish momentum.
Resistance level: 1.2780, 1.2880📉
Support level: 1.2630, 1.2530📈