GBP/USD H4 6 March 2024
The Pound Sterling hovers near a crucial resistance level, finding support in the weakening trend of the US Dollar. Wednesday's spotlight includes the UK S&P Global Construction PMI and Federal Reserve (Fed) Chairman Jerome Powell's testimony. UK Chancellor Jeremy Hunt's insights into the Spring Budget, featuring a proposed national insurance cut, are pivotal for investors navigating potential trading signals. Diligent monitoring of budget updates is advised.
GBP/USD is trading higher while currently testing the resistance level. Suggesting the pair might experience technical correction since the RSI retreated sharply from overbought territory.
Resistance level:1.2710, 1.2785
Support level: 1.2635, 1.2530
The Pound Sterling hovers near a crucial resistance level, finding support in the weakening trend of the US Dollar. Wednesday's spotlight includes the UK S&P Global Construction PMI and Federal Reserve (Fed) Chairman Jerome Powell's testimony. UK Chancellor Jeremy Hunt's insights into the Spring Budget, featuring a proposed national insurance cut, are pivotal for investors navigating potential trading signals. Diligent monitoring of budget updates is advised.
GBP/USD is trading higher while currently testing the resistance level. Suggesting the pair might experience technical correction since the RSI retreated sharply from overbought territory.
Resistance level:1.2710, 1.2785
Support level: 1.2635, 1.2530