GBP/USD, H4 1 April 2024
Pound Sterling maintained a neutral stance, hovering around strong support levels amid market closures for holidays. Meanwhile, the US Dollar continued its ascent fueled by better-than-expected economic data, reducing expectations for Federal Reserve rate cuts. Conversely, the Bank of England (BoE) signalled intentions to implement three quarter-point rate reductions in 2024, weighing on the Pound Sterling. Economic indicators comparing the US and UK economies suggest the UK slipped into recession in the latter part of 2023, adding pressure on the currency.
GBP/USD is trading flat, while currently testing the support level. Suggesting the pair might be traded lower after breakout.
Resistance level: 1.2710, 1.2770📉
Support level: 1.2610, 1.2530📈
Pound Sterling maintained a neutral stance, hovering around strong support levels amid market closures for holidays. Meanwhile, the US Dollar continued its ascent fueled by better-than-expected economic data, reducing expectations for Federal Reserve rate cuts. Conversely, the Bank of England (BoE) signalled intentions to implement three quarter-point rate reductions in 2024, weighing on the Pound Sterling. Economic indicators comparing the US and UK economies suggest the UK slipped into recession in the latter part of 2023, adding pressure on the currency.
GBP/USD is trading flat, while currently testing the support level. Suggesting the pair might be traded lower after breakout.
Resistance level: 1.2710, 1.2770📉
Support level: 1.2610, 1.2530📈