GBP/USD remains under selling pressure above the mid-1.2700s, UK Retail Sales data eyed


  • GBP/USD edges lower to 1.2658 amid the weaker USD. 
  • The US S&P Global Composite PMI arrived at 52.2 in March vs. 52.5 in February.
  • The BoE maintained its interest rates unchanged at 5.25% on Thursday.
  • UK February Retail Sales will be due on Friday, which is forecast to fall 0.3% in February. 

The GBP/USD pair faces rejection near the 1.2700 mark and holds above the mid-1.2700s during the early Asian session on Friday. The downtick of the major pair is backed by the stronger US Dollar (USD) and the dovish tilt of the Bank of England (BoE). Investors await the UK Retail Sales for fresh impetus, which is expected to fall 0.3% in February. GBP/USD currently trades near 1.2658, down 0.02% on the day. 

The BoE kept the interest rate unchanged at 5.25% at its March meeting on Thursday, as widely anticipated. The BoE Governor Andrew Bailey said that the economy is not at a point where the Monetary Policy Committee (MPC) can lower interest rates, but the economy is moving along on the right track. Markets anticipate the UK central bank will need more evidence of moderating wage growth before beginning to cut rates. However, investors maintain bets on BoE rate cuts this year, and the dovish tilt by the BoE policymaker weighs on the Pound Sterling (GBP) and acts as a headwind for the GBP/USD pair. 

On the other hand, the Fed held the rate steady at 5.25–5.50% at its March meeting on Wednesday, with the median FOMC projections retaining three cuts in 2024. The markets have priced in around 80% odds that the Fed will cut rates in June, according to the CME FedWatch Tool. 

On Thursday, the US S&P Global Composite PMI came in at 52.2 in March from 52.5 in February. Meanwhile, the S&P Global Manufacturing PMI improved to 52.5 from 52.2 in the previous reading, above the market consensus of 51.7. The Services PMI eased to 51.7 in March from the previous reading of 52.3, weaker than the estimation of 52.0. 

Moving on, market players will focus on the UK February Retail Sales. Also, Fed Chair Jerome Powell and Michael Barr are set to speak on Friday. Traders will take cues from the data and find trading opportunities around the GBP/USD pair. 

GBP/USD

Overview
Today last price 1.2658
Today Daily Change -0.0128
Today Daily Change % -1.00
Today daily open 1.2786
 
Trends
Daily SMA20 1.2728
Daily SMA50 1.2687
Daily SMA100 1.2632
Daily SMA200 1.2594
 
Levels
Previous Daily High 1.2787
Previous Daily Low 1.2684
Previous Weekly High 1.2865
Previous Weekly Low 1.2725
Previous Monthly High 1.2773
Previous Monthly Low 1.2518
Daily Fibonacci 38.2% 1.2748
Daily Fibonacci 61.8% 1.2724
Daily Pivot Point S1 1.2718
Daily Pivot Point S2 1.265
Daily Pivot Point S3 1.2615
Daily Pivot Point R1 1.2821
Daily Pivot Point R2 1.2855
Daily Pivot Point R3 1.2923

 


 

Share: Feed news

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended content

Editors’ Picks

AUD/USD: Gains capped by 0.6300 so far

AUD/USD: Gains capped by 0.6300 so far

AUD/USD succumbed to the selling pressure and receded to the 0.6230 zone after briefly piercing the key 0.6300 hurdle on the back of a choppy session in the US Dollar.

AUD/USD News
EUR/USD looks bid and near 1.0400

EUR/USD looks bid and near 1.0400

EUR/USD extended its weekly recovery and revisited the area above the 1.0400 level, although the move lacked follow through, with the pair eventually slipping back to the 1.0380 region in the wake of the closing bell on Wall Street.

EUR/USD News
Gold picks up pace above $2,900, Dollar weakens further

Gold picks up pace above $2,900, Dollar weakens further

Extra selling bias in the Greenback now prompts Gold prices to regain the $2,900 mark per ounce troy and above despite the steady climb in US yields across the board.

Gold News
BNB price enters 7-day winning streak as Binance liquidates over $5.9 billion from BTC, ETH and SOL holdings

BNB price enters 7-day winning streak as Binance liquidates over $5.9 billion from BTC, ETH and SOL holdings

Binance Coin (BNB) price surged past $650 on Wednesday, marking a 15% increase over seven consecutive days of profit. Market reports suggest that recent trades executed by Binance’s parent company could drive further BNB price gains.

Read more
How the European Union could counter US tariffs

How the European Union could counter US tariffs

With Trump ordering a 25% import tax on all steel and aluminium entering the US, trade tensions are inching closer to Europe. We take a closer look at how European policymakers could react. Spoiler alert: it's complicated.

Read more
The Best Brokers of the Year

The Best Brokers of the Year

SPONSORED Explore top-quality choices worldwide and locally. Compare key features like spreads, leverage, and platforms. Find the right broker for your needs, whether trading CFDs, Forex pairs like EUR/USD, or commodities like Gold.

Read More

Forex MAJORS

Cryptocurrencies

Signatures

Best Brokers of 2025