GBPUSD H4 25 March 2024
GBP/USD, H4 25 March 2024
The GBP/USD currency pair is exhibiting sustained bullish momentum, currently hovering near the 1.2600 level as the market anticipates further developments. Revisions in market expectations regarding a potential Federal Reserve rate cut in 2024 have emerged due to ongoing inflationary pressures in the U.S., contributing to the strengthening of the dollar. Additionally, traders are closely monitoring the upcoming release of the UK's GDP data on Thursday, which is expected to provide insights into the economic health of the UK and its potential impact on the strength of the Sterling.
GBP/USD continues to trade with strong bearish momentum despite recording a slight rebound at near 1.2600 levels. Suggesting that the bearish momentum remains strong.
Resistance level: 1.2630, 1.2710π
Support level: 1.2530, 1.2440π
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