GBP/USD, H4 13 March 2024
The Pound Sterling has managed to find support at 1.2780 levels, experiencing a modest rebound from its recent bearish trend. However, recent economic data from the UK has presented some challenges for the currency. Yesterday's release of average earning growth and the unemployment rate fell short of expectations, adding to the pressure on the Sterling. Meanwhile, the Dollar strengthened further as the CPI reading surpassed expectations. Traders are likely to closely monitor the upcoming UK GDP reading scheduled for today. This data will provide insights into the overall economic conditions in the country, potentially influencing the strength and direction of the Pound.
GBP/USD has found support from its recent bearish trend at 1.2780 levels, suggesting a potential rebound at these levels. Suggests the bullish momentum is vanishing.
Resistance level:1.2905, 1.2995📉
Support level: 1.2780, 1.2710📈
The Pound Sterling has managed to find support at 1.2780 levels, experiencing a modest rebound from its recent bearish trend. However, recent economic data from the UK has presented some challenges for the currency. Yesterday's release of average earning growth and the unemployment rate fell short of expectations, adding to the pressure on the Sterling. Meanwhile, the Dollar strengthened further as the CPI reading surpassed expectations. Traders are likely to closely monitor the upcoming UK GDP reading scheduled for today. This data will provide insights into the overall economic conditions in the country, potentially influencing the strength and direction of the Pound.
GBP/USD has found support from its recent bearish trend at 1.2780 levels, suggesting a potential rebound at these levels. Suggests the bullish momentum is vanishing.
Resistance level:1.2905, 1.2995📉
Support level: 1.2780, 1.2710📈