GBP/USD, H4 14 March 2024
Pound Sterling saw a modest rebound post UK GDP data release, which met market expectations. According to the Office for National Statistics, the UK economy returned to expansion in January, rising by 0.20% after contracting 0.10% in December, which aligned with the market expectations. Despite returning to growth in January, Pound Sterling remained relatively subdued amidst ongoing volatility. Market participants await additional catalysts before taking decisive positions.
GBP/USD is trading higher following the prior rebound from the support level. Suggesting the pair might extend its gains toward resistance level.
Resistance level: 1.2865, 1.2940📉
Support level: 1.2770, 1.2710📈
Pound Sterling saw a modest rebound post UK GDP data release, which met market expectations. According to the Office for National Statistics, the UK economy returned to expansion in January, rising by 0.20% after contracting 0.10% in December, which aligned with the market expectations. Despite returning to growth in January, Pound Sterling remained relatively subdued amidst ongoing volatility. Market participants await additional catalysts before taking decisive positions.
GBP/USD is trading higher following the prior rebound from the support level. Suggesting the pair might extend its gains toward resistance level.
Resistance level: 1.2865, 1.2940📉
Support level: 1.2770, 1.2710📈