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19 March 2025,02:30
Trade Of The Day
19 March 2025, 02:30
*The British pound remains resilient, buoyed by the UK’s economic outperformance relative to the U.S. However, uncertainty looms ahead of the Bank of England (BoE) rate decision, where policymakers are expected to hold rates at 4.5% (with a 7-2 vote split). Meanwhile, the Federal Reserve is also anticipated to maintain its current stance, but its statement could influence market sentiment and drive volatility in GBP/USD.
* Technical Breakdown: Despite the pound’s strength, bearish divergence suggests potential downside risks, with MACD and RSI trending lower even as price holds firm. If selling pressure builds, GBP/USD could test the 1.2965 support level. However, a successful rebound may lead the pair to retest the 1.3005 resistance level.
A hawkish BoE stance could bolster the pound, pushing GBP/USD higher.
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Keep an eye on BoE’s forward guidance on future rate decisions, and global trade developments for further market direction by following PU Xtrader’s financial news page.
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