GBPUSD H4 9 April 2024
Yesterday, the GBP/USD pair experienced an uptick, though it presently confronts a formidable resistance at the 1.2660 mark. This dynamic primarily stems from a tepid U.S. dollar performance, as market participants await the critical U.S. Consumer Price Index (CPI) data scheduled for release tomorrow. Nevertheless, the Pound's momentum remains muted; recent labour market data and inflation indicators have sparked discussions regarding a potential rate cut by the Bank of England (BoE), exerting downward pressure on Sterling.
GBP/USD traded higher but was rejected at its near-resistance level of 1.2660. Suggests the bullish momentumremains intact with the pair.
Resistance level: 1.2660, 1.2760📉
Support level: 1.2540, 1.2440📈
Yesterday, the GBP/USD pair experienced an uptick, though it presently confronts a formidable resistance at the 1.2660 mark. This dynamic primarily stems from a tepid U.S. dollar performance, as market participants await the critical U.S. Consumer Price Index (CPI) data scheduled for release tomorrow. Nevertheless, the Pound's momentum remains muted; recent labour market data and inflation indicators have sparked discussions regarding a potential rate cut by the Bank of England (BoE), exerting downward pressure on Sterling.
GBP/USD traded higher but was rejected at its near-resistance level of 1.2660. Suggests the bullish momentumremains intact with the pair.
Resistance level: 1.2660, 1.2760📉
Support level: 1.2540, 1.2440📈