The British pound held around $1.29, near a four-month high, as dollar weakness persisted on US economic concerns and tariff risks. Sterling was supported by expectations that UK rates will stay higher for longer, with traders pricing in only 52bps of BoE cuts in 2025.
UK’s monthly GDP data for January and the Office for Budget Responsibility’s economic and borrowing forecasts on March 26 are now awaited, which could impact market sentiment.
If GBP/USD breaks above 1.2950, the next resistance levels are 1.2980 and 1.3050. On the downside, support stands at 1.2860, with further levels at 1.2760 and 1.2660 if selling pressure increases.
UK’s monthly GDP data for January and the Office for Budget Responsibility’s economic and borrowing forecasts on March 26 are now awaited, which could impact market sentiment.
If GBP/USD breaks above 1.2950, the next resistance levels are 1.2980 and 1.3050. On the downside, support stands at 1.2860, with further levels at 1.2760 and 1.2660 if selling pressure increases.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.