GBP/USD: Anticipated Breakthrough at 1.2525 and 1.2600 Levels!
Updated
According to recent market trends, GBP/USD is anticipated to face resistance at 1.2525, followed by 1.2600. The currency pair has dropped to an intraday low around 1.2480, coinciding with the release of mostly discouraging economic data for February from the UK. The pullback in the Cable pair could be attributed to the US Dollar's corrective rebound, which comes amidst a sluggish trading session and a sparse economic calendar.
In February 2023, the UK's Gross Domestic Product (GDP) saw a marginal growth of 0.0%, failing to meet the expected 0.1% increase, and falling short of the 0.4% recorded in the previous month. While YoY Industrial Production improved, the MoM figures showed a decline. Further analysis of the data revealed an increase in the UK's trade deficit, while the Index of Services remained unchanged.
In February 2023, the UK's Gross Domestic Product (GDP) saw a marginal growth of 0.0%, failing to meet the expected 0.1% increase, and falling short of the 0.4% recorded in the previous month. While YoY Industrial Production improved, the MoM figures showed a decline. Further analysis of the data revealed an increase in the UK's trade deficit, while the Index of Services remained unchanged.
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