The GBP/USD pair broke below a major static support level, the 1.5200 figure, following the release of the UK Consumer Inflation Expectations, down to 1.9% from a previous 2.5%. The dollar maintains a broad strength against the Pound ahead of US employment data, and the 4 hours chart shows that the 20 SMA has extended its bearish slope down to 1.5300, offering a strong dynamic resistance in the case of a sudden advance.
But technically the pair is strongly biased lower, as the technical indicators in the 4 hours chart maintain strong bearish slopes towards the downside despite being in extreme oversold levels. Nevertheless, the intraday moves will be linked to the US data, with a recovery above 1.5200 probably signaling an upward corrective movement up to 1.5270, yesterday's high, and a break below 1.5150 exposing the pair to additional declines towards the 1.5100 level.
View Live Chart for GBP/USD
But technically the pair is strongly biased lower, as the technical indicators in the 4 hours chart maintain strong bearish slopes towards the downside despite being in extreme oversold levels. Nevertheless, the intraday moves will be linked to the US data, with a recovery above 1.5200 probably signaling an upward corrective movement up to 1.5270, yesterday's high, and a break below 1.5150 exposing the pair to additional declines towards the 1.5100 level.
View Live Chart for GBP/USD
Recommended Content
Editors’ Picks
EUR/USD holds below 1.0750 ahead of key US data
EUR/USD trades in a tight range below 1.0750 in the European session on Friday. The US Dollar struggles to gather strength ahead of key PCE Price Index data, the Fed's preferred gauge of inflation, and helps the pair hold its ground.
USD/JPY stays firm above 156.00 after BoJ Governor Ueda's comments
USD/JPY stays firm above 156.00 after surging above this level on the Bank of Japan's decision to leave the policy settings unchanged. BoJ Governor said weak Yen was not impacting prices but added that they will watch FX developments closely.
Gold price oscillates in a range as the focus remains glued to the US PCE Price Index
Gold price struggles to attract any meaningful buyers amid the emergence of fresh USD buying. Bets that the Fed will keep rates higher for longer amid sticky inflation help revive the USD demand.
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
US core PCE inflation set to signal firm price pressures as markets delay Federal Reserve rate cut bets
The core PCE Price Index, which excludes volatile food and energy prices, is seen as the more influential measure of inflation in terms of Fed positioning. The index is forecast to rise 0.3% on a monthly basis in March, matching February’s increase.