GBP/USD, H4 18 March 2024
The GBP/USD pair faced pressure from the strengthening dollar following the release of
higher-than-expected PPI figures last week. Expectations are for the pair to experience notable
fluctuations this week, with several significant events on the calendar likely to influence its direction. The upcoming FOMC interest rate decision on Wednesday and the BoE interest rate decision on Thursday are both anticipated to be key drivers for the pair's movement. Traders will closely monitor these events for insights into potential shifts in monetary policy and their implications for the GBP/USD exchange rate.
GBP/USD is trading in a bearish trajectory but is currently supported at the above 1.2710 level. Suggesting the pair remains trading with bearish momentum.
Resistance level: 1.2780, 1.2880📉
Support level: 1.2710, 1.2630📈
The GBP/USD pair faced pressure from the strengthening dollar following the release of
higher-than-expected PPI figures last week. Expectations are for the pair to experience notable
fluctuations this week, with several significant events on the calendar likely to influence its direction. The upcoming FOMC interest rate decision on Wednesday and the BoE interest rate decision on Thursday are both anticipated to be key drivers for the pair's movement. Traders will closely monitor these events for insights into potential shifts in monetary policy and their implications for the GBP/USD exchange rate.
GBP/USD is trading in a bearish trajectory but is currently supported at the above 1.2710 level. Suggesting the pair remains trading with bearish momentum.
Resistance level: 1.2780, 1.2880📉
Support level: 1.2710, 1.2630📈