GBP/USD Technical Analysis April 3, 2025
Current Price Levels and Technical Indicators:
As of 08:00 GMT on April 3, 2025, the GBP/USD pair is trading at approximately 1.3050. The 14-day Relative Strength Index (RSI) is near 50, indicating neutral momentum. The pair is positioned above the 50-period Simple Moving Average (SMA), suggesting underlying support.
Support and Resistance Levels:
Support Levels:
1.3005: Pivotal support level recently breached.
1.2900: Psychological support level.
Resistance Levels:
1.3100: Immediate resistance.
1.3175: Next significant resistance level.
Fundamental Factors:
The recent announcement of new U.S. tariffs, including a 10% duty on UK exports, has influenced market sentiment. Investors are increasingly betting on interest rate cuts by the Bank of England, with futures suggesting a reduction of 62 basis points in the benchmark rate by December 2025. The likelihood of a quarter-point rate cut at the BoE’s May meeting has risen to 77%. UK government bond yields have dropped in response, with two-year gilt yields reaching their lowest level since October 2023.
Conclusion:
The GBP/USD pair is exhibiting cautious bullish momentum, supported by technical indicators and recent fundamental developments. Traders should monitor the key support and resistance levels mentioned, as well as stay informed on any further geopolitical developments or economic data releases that could influence market sentiment.
EUR/USD Technical Analysis April 3, 2025