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15 March 2024,02:01

Trading BlogTrading Knowledge

GBP/USD Fell Amid Strong U.S Data, BoE Governor Comments

15 March 2024, 02:01

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GBP/USD Fell Amid Strong U.S Data, BoE Governor Comments 15 March 2024

Fundamental Analysis

* Renewed Greenback: The pound sterling has fallen against the dollar after robust U.S data, which has led to a resurgence in demand for the greenback. Data released by the US Census Bureau on Thursday indicated that U.S Retail Sales surged by 0.6% month-over-month (MoM) in February, rebounding from a downwardly revised -1.1% in the preceding month but falling short of the market forecast of a 0.8% increase. Additionally, U.S PPI rose by 0.6% MoM in February, up from 0.3% in January, while the Core PPI increased by 0.3% MoM, a decline from the 0.5% gain seen in January. On the other hand, comments from BoE Governor Andrew Bailey also increase pressure for the pound sterling as he stated that central bankers turned to the question of how long they needed to keep interest rates high, given that there are some signs that restrictive policies are working to bring down inflation pressures.

Technical Analysis

* Technical Breakout: GBPUSD was traded lower following prior breakout below the previous support level 1.2765. MACD, which illustrates continued bearish momentum, coupled with bearish market structure break suggest the pair to potentially extend losses to downside further.

* Resistance And Targets: If the bearish momentum persists, the price is likely to head towards the support level of 1.2700. Conversely, a breach back above the level 1.2765 would signal potential reversal for the commodity.

Understand the concepts revolving MACD and support/resistance levels by reading our article on technical analysis.

Potential Risks

Moving forward, investors remain attentive to significant data releases from the US. With the anticipation of the Federal Reserve reducing interest rates in June, the GBP/USD is likely to be preferred in the short term. Nevertheless, if US data continues to show strength, it is anticipated that the GBP/USD could experience additional declines

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Disclaimer: Trading derivatives involves high risks, and market conditions can change rapidly. The content is for informational purposes only and should not be considered as financial advice. Traders should conduct their own research and consider risk management strategies.

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