GBP/USD remains supported in upper 1.3900s and outperforming peers following UK budget announcement
The price of sterling had hit a weekly high 1.4242 with a very firm rejection, putting in a large reversal after 5 waves of the uptrend.
GBP/USD saw a pickup in volatility ahead of the 4pm London Fix, dropping to lows of the session in the 1.3920s only to then rebound into positive territory on the day in the 1.3980s. The pair is still a few pips off its European session highs of just above the 1.4000 mark, a level the bulls will likely be targeting, but has been holding up well, with GBP one of the best performing G10 currencies on the day.
|Today last price||1.393|
|Today Daily Change||-0.0022|
|Today Daily Change %||-0.16|
|Today daily open||1.3952|
|Previous Daily High||1.4006|
|Previous Daily Low||1.3921|
|Previous Weekly High||1.4243|
|Previous Weekly Low||1.389|
|Previous Monthly High||1.4243|
|Previous Monthly Low||1.3566|
|Daily Fibonacci 38.2%||1.3954|
|Daily Fibonacci 61.8%||1.3974|
|Daily Pivot Point S1||1.3913|
|Daily Pivot Point S2||1.3874|
|Daily Pivot Point S3||1.3828|
|Daily Pivot Point R1||1.3999|
|Daily Pivot Point R2||1.4045|
|Daily Pivot Point R3||1.4084|
GBP/USD Forecast: Dips will likely continue to attract buyers
The GBP/USD pair is ending the day as it started it, in the 1.3960/70 price zone. The pair surged to 1.4005 from where it fell to 1.3920 during US trading hours, as the dollar gathered some temporal attention on rising yields. Weighing on the pound, the February Markit Services PMI came in at 49.5, below the expected 49.7, as a result of the national lockdown affecting travel and hospitality.
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