GBPUSD H4 4 March 2024
GBP/USD, H4
GBP/USD staged a rebound from support levels amid a weakening US Dollar, triggered by
disappointing ISM Manufacturing PMI data. Despite recent economic challenges, certain Fed
members maintain a hawkish stance. San Francisco Fed President Mary Daly cautions against hasty rate cuts, emphasising potential risks to economic performance. Concurrently, Cleveland Fed President Loretta Mester dismisses expectations of a prolonged disinflation trend from the previous year, reinforcing confidence in the ongoing positive trajectory of the US economy and indicating a reluctance to implement earlier interest rate cuts.
GBP/USD is trading higher following the prior rebound from the support level. Suggesting the pair might extend its gains since the RSI stays above the midline.
Resistance level:1.2710, 1.2785
Support level: 1.2635, 1.2530
GBP/USD staged a rebound from support levels amid a weakening US Dollar, triggered by
disappointing ISM Manufacturing PMI data. Despite recent economic challenges, certain Fed
members maintain a hawkish stance. San Francisco Fed President Mary Daly cautions against hasty rate cuts, emphasising potential risks to economic performance. Concurrently, Cleveland Fed President Loretta Mester dismisses expectations of a prolonged disinflation trend from the previous year, reinforcing confidence in the ongoing positive trajectory of the US economy and indicating a reluctance to implement earlier interest rate cuts.
GBP/USD is trading higher following the prior rebound from the support level. Suggesting the pair might extend its gains since the RSI stays above the midline.
Resistance level:1.2710, 1.2785
Support level: 1.2635, 1.2530
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