The British Pound gains against the US Dollar as the Greenback shows signs of weakness amid speculation about a potential rate cut by the Federal Reserve in June. Despite the slight increase in US Treasury yields, which could typically support the US Dollar, the currency fails to find significant traction.
Last Friday, Fitch Ratings revised the UK’s sovereign credit outlook to stable from negative, maintaining its sovereign credit rating at AA-. This decision followed the UK’s economic rebound in January, fueled by a resurgence in retail sales and housing, marking a positive turn from a shallow recession in the latter half of 2023.
UK Retail Sales for February performed better than expected, remaining flat instead of experiencing the anticipated 0.3% decline, signalling optimism for the economy. Investors are now eyeing the upcoming release of Gross Domestic Product (GDP) data for the fourth quarter of 2023 from the UK and the US, scheduled for Thursday.
GBP/USD
OVERVIEW | |
---|---|
Today last price | 1.2603 |
Today Daily Change | 0.0001 |
Today Daily Change % | 0.01 |
Today daily open | 1.2602 |
TRENDS | |
---|---|
Daily SMA20 | 1.2725 |
Daily SMA50 | 1.2682 |
Daily SMA100 | 1.2639 |
Daily SMA200 | 1.2593 |
LEVELS | |
---|---|
Previous Daily High | 1.2675 |
Previous Daily Low | 1.2575 |
Previous Weekly High | 1.2804 |
Previous Weekly Low | 1.2575 |
Previous Monthly High | 1.2773 |
Previous Monthly Low | 1.2518 |
Daily Fibonacci 38.2% | 1.2614 |
Daily Fibonacci 61.8% | 1.2637 |
Daily Pivot Point S1 | 1.256 |
Daily Pivot Point S2 | 1.2518 |
Daily Pivot Point S3 | 1.246 |
Daily Pivot Point R1 | 1.2659 |
Daily Pivot Point R2 | 1.2717 |
Daily Pivot Point R3 | 1.2759 |