GBP/USD Technical Analysis March 21, 2025
Current Price Levels and Technical Indicators:
As of 5:00 AM GMT on March 21, 2025, the GBP/USD currency pair is trading around 1.2950, consolidating near the multi-month peak set on Thursday. The pair’s recent performance indicates a cautiously bullish stance:
Moving Averages: The pair is trading above key moving averages, including the 50-day and 200-day simple moving averages, suggesting sustained upward momentum.
Relative Strength Index (RSI): The 14-day RSI is moderately positive, indicating that bullish momentum remains intact without signaling overbought conditions.
Support and Resistance Levels:
Based on pivot point analysis, the following support and resistance levels are identified for GBP/USD:
Resistance Levels:
- R1: 1.3000
- R2: 1.3050
- R3: 1.3100
Support Levels:
- S1: 1.2900
- S2: 1.2850
- S3: 1.2800
The pivot point is calculated at 1.2950.
Fundamental Factors:
Several fundamental factors are influencing the GBP/USD pair:
Bank of England (BoE) Policy Decision: The BoE is widely anticipated to leave the policy rate unchanged, leading to cautious market sentiment.
Federal Reserve (Fed) Outlook: The Fed maintained its forecast for two 25 basis points rate cuts in 2025, providing a modest boost to the US dollar.
Geopolitical Developments: Uncertainty surrounding US President Donald Trump’s trade tariffs and escalating geopolitical tensions underpin the safe-haven appeal of the US dollar, acting as a headwind for the GBP/USD pair.
Conclusion:
The GBP/USD pair exhibits a cautiously bullish stance, trading above key moving averages with moderately positive RSI readings. Traders should monitor the 1.3000 resistance and 1.2900 support levels closely. Upcoming central bank announcements and geopolitical events are likely to introduce volatility, necessitating attentive risk management.
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