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GBPUSD NEWS 25 MARCH : GBPUSD turns lower for the third straight day, slides back closer to mid-1.3100s

TODAY GBPUSD UPDATE

GBPUSD NEWS 25 MARCH : GBPUSD turns lower for the third straight day, slides back closer to mid-1.3100s

GBPUSD turned lower for the third straight day following the early uptick to the 1.3225 region.

Disappointing UK Retail Sales data weighed on sterling amid the emergence of some USD buying.

The Fed’s hawkish outlook continued acting as a tailwind for the greenback and exerted pressure.

GBPUSD NEWS : The GBPUSD pair extended its intraday descent through the first half of the European session and dropped back closer to the overnight low, around the 1.3160-1.3155 area in the last hour.

Following an early uptick to the 1.3225 area, the GBP/USD pair met with a fresh supply on Friday and drifted into the negative territory for the third successive day. The Bank of England’s softer view on the need for further rate hikes acted as a headwind for the British pound, which was further pressured by the disappointing UK macro data.

In fact, the UK Office for National Statistics reported that monthly Retail Sales declined by 0.3% in February as against market expectations for a deceleration in growth to 0.6 from the 1.9% in January. Adding to this, sales excluding fuel fell 0.7% during the reported month and also missed consensus estimates pointing to a 0.5% increase.

On the other hand, the US dollar trimmed a part of its intraday losses and continued drawing some support from rising bets for a 50 bps Fed rate hike at the May meeting. This was seen as another factor that exerted some downward pressure on the GBP/USD pair, with bears now awaiting a convincing break below the ascending trend-channel support.

GBPUSD NEWS : Sustained weakness below mid-1.3100s will mark a breakdown through the bearish flag pattern and pave the way for a slide towards challenging the post-BoE low, around the 1.3090 region. Some follow-through selling could drag the GBP/USD pair further towards challenging the YTD low, around the key 1.3000 psychological mark touched earlier this month.

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FIRST CAPITALS brand is authorized and regulated in various jurisdictions.

First Capitals Limited (www.First Capitals.com/eu) is regulated by the Cyprus Securities and Exchange Commission with CIF license number 185/12, licensed by the Financial Sector Conduct Authority (FSCA) of South Africa, with FSP No. 46614. The company is also registered with the Financial Conduct Authority of the UK with number 600475.

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Exinity Limited is a member of Financial Commission, an international organization engaged in a resolution of disputes within the financial services industry in the Forex market.

Risk Warning: Trading Forex and Leveraged Financial Instruments involves significant risk and can result in the loss of your invested capital. You should not invest more than you can afford to lose and should ensure that you fully understand the risks involved. Trading leveraged products may not be suitable for all investors. Trading non-leveraged products such as stocks also involves risk as the value of a stock can fall as well as rise, which could mean getting back less than you originally put in. Past performance is no guarantee of future results. Before trading, please take into consideration your level of experience, investment objectives and seek independent financial advice if necessary. It is the responsibility of the Client to ascertain whether he/she is permitted to use the services of the FIRST CAPITALS brand based on the legal requirements in his/her country of residence.  Please read FIRST CAPITALS’s full Risk Disclosure.

Regional restrictions: FIRST CAPITALS brand does not provide services to residents of the USA, Mauritius, Japan, Canada, Haiti, Suriname, the Democratic Republic of Korea, Puerto Rico, Brazil, the Occupied Area of Cyprus and Hong Kong. Find out more in the Regulations section of our FAQs.

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