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GBPUSD H4 15 March 2024
GBPUSD H4 15 March 2024
Lack of market catalysts from the UK region coupled with US Dollar appreciation prompted a bearish momentum for the GBP/USD pair. Strong US inflation data and high PPI figures dimmed expectations for Fed easing policies, contrasting with the UK's economic rebound from recession, which pushed back expectations for a Bank of England rate cut.
GBP/USD is trading lower following the prior breakout below the previous support level. Suggesting the pair might extend its losses.
Resistance level: 1.2770, 1.2860📉
Support level: 1.2700, 1.2615📈
Lack of market catalysts from the UK region coupled with US Dollar appreciation prompted a bearish momentum for the GBP/USD pair. Strong US inflation data and high PPI figures dimmed expectations for Fed easing policies, contrasting with the UK's economic rebound from recession, which pushed back expectations for a Bank of England rate cut.
GBP/USD is trading lower following the prior breakout below the previous support level. Suggesting the pair might extend its losses.
Resistance level: 1.2770, 1.2860📉
Support level: 1.2700, 1.2615📈
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