GBP/USD Technical Analysis March 24, 2025
As of 8:00 AM GMT on March 24, 2025, the GBP/USD pair is trading around 1.2930, reflecting a modest uptick amid slight US dollar weakness.
Current Price Levels and Technical Indicators:
The 14-day Relative Strength Index (RSI) is hovering near 55, suggesting neutral momentum without overbought or oversold conditions. The pair is trading above its 50-day Exponential Moving Average (EMA), reinforcing a cautiously optimistic outlook.
Support and Resistance Levels:
Immediate resistance is observed at 1.3013, the recent high from March 19. A break above this level could target the psychological barrier at 1.3100. On the downside, initial support lies at 1.2887, with a more significant level at 1.2775, aligning with the 100-day EMA.
Fundamental Factors:
The US dollar is experiencing mild pressure due to concerns over economic slowdown linked to current trade policies. Market participants are awaiting the preliminary US S&P Global Manufacturing Purchasing Managers Index (PMI) data for March, scheduled for release later today, which could influence the GBP/USD pair.
Conclusion:
The GBP/USD pair exhibits a cautiously bullish bias above the 1.2900 level, supported by technical indicators and current price action. Traders should monitor key support and resistance levels and stay attentive to forthcoming economic data releases that could influence market dynamics.
EUR/USD Technical Analysis March 24, 2025