GBPUSD H4 22 March 2024
GBP/USD, H4 22 March 2024
The GBP/USD pair encountered significant headwinds, marking its lowest levels since March. The Bank of England's (BoE) decision to maintain its interest rates aligned with market forecasts, yet market sentiment leans towards a dovish outlook from the British central bank. This tilt towards a more dovish stance has contributed to the weakening of Sterling. In parallel, the dollar saw a strengthening trend spurred by positive economic data released yesterday. This upward momentum in the dollar added further pressure on the Sterling, compounding the challenges faced by the GBP/USD pair.
GBP/USD hardly hammered yesterday's session and has reached its lowest levels in March. The RSI is on the brink of breaking into the oversold zone, while the MACD continues to hover below the zero line, suggesting that the bearish momentum is overwhelming.
Resistance level: 1.2770, 1.2700📉
Support level: 1.2630, 1.2530📈
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