Pound Sterling Price News and Forecast: GBP/USD remains sidelined after reversing from one-month high
|GBP/USD dribbles around mid-1.2100s as UK Budget, US Retail Sales loom
GBP/USD portrays the typical pre-data anxiety as it seesaws around 1.2150-60 during early Wednesday. That said, the Cable pair traders await the key UK Budget Report, as well as the US Retail Sales for February, amid mixed sentiment and sluggish markets.
It should be noted that the mostly mixed UK data and a lack of hawkish bias surrounding the Bank of England (BoE) seem to weigh on the GBP/USD prices amid the cautious mood ahead of an important event. Read more...
GBP/USD Price Analysis: Further downside hinges on 1.2135 break and UK Budget
GBP/USD bears struggle to keep the reins, after entering the ring the previous day, as the quote stays depressed around 1.2160 during early Wednesday. In doing so, the Cable pair grinds near the short-term key support confluence as traders await the UK Finance Minister (Chancellor) Jeremy Hunt’s annual budget speech.
Apart from the convergence of the 50-DMA and 23.6% Fibonacci retracement level of the GBP/USD pair’s upside from November 2022 to February 2023, around 1.2135, the bullish MACD signals and upbeat RSI (14), not overbought, also favor the Cable pair buyers. Read more...
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