GBP/USD portrays the typical pre-data anxiety as it seesaws around 1.2150-60 during early Wednesday. That said, the Cable pair traders await the key UK Budget Report, as well as the US Retail Sales for February, amid mixed sentiment and sluggish markets.
It should be noted that the mostly mixed UK data and a lack of hawkish bias surrounding the Bank of England (BoE) seem to weigh on the GBP/USD prices amid the cautious mood ahead of an important event.
GBPUSD long term trend is still bullish. However, currently on the h1 chart, the price is showing signs of correction. Today, it is possible that the pair will return to the 1.2100 area before continuing to move up. Recommended to wait to buy to 1.2100, SL: 1.2030, TP: 1.2200
It should be noted that the mostly mixed UK data and a lack of hawkish bias surrounding the Bank of England (BoE) seem to weigh on the GBP/USD prices amid the cautious mood ahead of an important event.
GBPUSD long term trend is still bullish. However, currently on the h1 chart, the price is showing signs of correction. Today, it is possible that the pair will return to the 1.2100 area before continuing to move up. Recommended to wait to buy to 1.2100, SL: 1.2030, TP: 1.2200
