GBPUSD H4 1 March 2024
GBP/USD, H4
The GBP/USD currency pair has wiped out all the gains it made from the previous session's rebound, indicating that it is currently exhibiting bearish momentum. The U.S. Personal Consumption Expenditures (PCE) index, meeting market expectations at 2.4%, signals that inflation remains persistent in the country. Concurrently, the broader market sentiment has shifted to largely discount the possibility of a rate hike in June, which has subsequently bolstered the strength of the dollar. Furthermore, traders are closely watching the release of the UK's Manufacturing Purchasing Managers' Index (PMI) due today, as it is anticipated to provide insights into the Sterling's economic strength and potentially influence the currency pair's movement.
The GBP/USD pair declined and erased all its previous gain, suggesting a bearish bias for the pair. The RSI is gradually moving lower while the MACD is on the brink of breaking below the zero line, suggesting the pair is trading with bearish momentum.
Resistance level:1.2635, 1.2710
Support level: 1.2530, 1.2437
The GBP/USD currency pair has wiped out all the gains it made from the previous session's rebound, indicating that it is currently exhibiting bearish momentum. The U.S. Personal Consumption Expenditures (PCE) index, meeting market expectations at 2.4%, signals that inflation remains persistent in the country. Concurrently, the broader market sentiment has shifted to largely discount the possibility of a rate hike in June, which has subsequently bolstered the strength of the dollar. Furthermore, traders are closely watching the release of the UK's Manufacturing Purchasing Managers' Index (PMI) due today, as it is anticipated to provide insights into the Sterling's economic strength and potentially influence the currency pair's movement.
The GBP/USD pair declined and erased all its previous gain, suggesting a bearish bias for the pair. The RSI is gradually moving lower while the MACD is on the brink of breaking below the zero line, suggesting the pair is trading with bearish momentum.
Resistance level:1.2635, 1.2710
Support level: 1.2530, 1.2437
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