Published on Mar 24, 2023

Daily Analysis For GBP/USD 24-03-2023

GBP/USD Analysis

Economic Events and Scenario for GBP/USD

Economic Events: -

GMT	Event	Impact	Currency
0:01	(Ireland) Consumer Confidence	Low	EUR
0:01	(United Kingdom) Gfk Consumer Confidence	High	GBP
0:30	(Japan) Jibun Bank Services PMI	Medium	JPY
0:30	(Japan) Jibun Bank Composite PMI	Low	JPY
0:30	(Japan) Jibun Bank Manufacturing PMI	Medium	JPY
3:35	(Japan) 3-Month Bill Auction	Low	JPY
5:30	(Netherlands) GDP Growth Rate QoQ	Medium	EUR
5:30	(Netherlands) GDP Growth Rate YoY	Medium	EUR
6:00	(Finland) Import Prices YoY	Low	EUR
6:00	(Finland) PPI YoY	Low	EUR
6:00	(Finland) Export Prices YoY	Low	EUR
7:00	(United Kingdom) Retail Sales MoM	High	GBP
7:00	(United Kingdom) Retail Sales YoY	High	GBP
7:00	(United Kingdom) Retail Sales ex Fuel MoM	High	GBP
7:00	(United Kingdom) Retail Sales ex Fuel YoY	High	GBP
8:00	(European Union) European Council Meeting	Medium	EUR
8:00	(Spain) PPI YoY	Low	EUR
8:00	(Spain) GDP Growth Rate QoQ	Medium	EUR
8:00	(Spain) GDP Growth Rate YoY	Medium	EUR
8:15	(France) S&P Global Composite PMI	Low	EUR
8:15	(France) S&P Global Services PMI	Medium	EUR
8:15	(France) S&P Global Manufacturing PMI	Medium	EUR
8:30	(Germany) S&P Global Composite PMI	Low	EUR
8:30	(Germany) S&P Global Services PMI	High	EUR
8:30	(Germany) S&P Global Manufacturing PMI	High	EUR
9:00	(Euro Area) S&P Global Composite PMI	Low	EUR
9:00	(Euro Area) S&P Global Manufacturing PMI	High	EUR
9:00	(Euro Area) S&P Global Services PMI	High	EUR
9:30	(Slovenia) Business Confidence	Low	EUR
9:30	(Slovenia) Tourist Arrivals YoY	Low	EUR
9:30	(United Kingdom) S&P Global/CIPS Composite PMI	Low	GBP
9:30	(United Kingdom) S&P Global/CIPS Manufacturing PMI	High	GBP
9:30	(United Kingdom) S&P Global/CIPS UK Services PMI	High	GBP
9:30	(Germany) Bundesbank Nagel Speech	Low	EUR
11:00	(Luxembourg) Current Account	Low	EUR
11:00	(Netherlands) Current Account	Low	EUR
12:30	(Canada) Wholesale Sales MoM	Low	CAD
12:30	(Canada) Retail Sales YoY	High	CAD
12:30	(Canada) Retail Sales Ex Autos MoM	High	CAD
12:30	(Canada) Retail Sales MoM	High	CAD
12:30	(Canada) Manufacturing Sales MoM	Low	CAD
12:30	(United States) Non Defense Goods Orders Ex Air	Low	USD
12:30	(United States) Durable Goods Orders ex Defense MoM	High	USD
12:30	(United States) Durable Goods Orders MoM	High	USD
12:30	(United States) Durable Goods Orders Ex Transp MoM	High	USD
13:30	(United States) Fed Bullard Speech	Medium	USD
13:45	(United States) S&P Global Composite PMI	Medium	USD
13:45	(United States) S&P Global Services PMI	High	USD
13:45	(United States) S&P Global Manufacturing PMI	High	USD
14:00	(Belgium) Business Confidence	Low	EUR
16:00	(United Kingdom) BoE L Mann Speech	Medium	GBP
17:00	(United States) Baker Hughes Oil Rig Count	Low	USD
17:00	(United States) Baker Hughes Total Rig Count	Low	USD

Today's Scenario: - The GBP/USD pair, which had been gaining throughout the week, has started to lose momentum as it approaches a two-month high. The bulls have run out of steam due to mixed risk factors and anxiety ahead of the release of top-tier UK/US data on Friday. As a result, the pair has experienced its first daily loss in three days, dropping by 0.16% intraday after retreating from a seven-week high.

It remains to be seen whether the GBP/USD pair will be able to regain its bullish momentum in the near future, as market conditions continue to be uncertain and unpredictable.

Buy Scenario: - The GBP/USD pair is facing resistance at a 10-month-old resistance line, which is currently located around 1.2345. This resistance line is preventing immediate upside momentum, especially as the Relative Strength Index (RSI) indicates overbought conditions. Till we do not advise to buy in GBP/USD.

Sell Scenario: - However, in order for sellers to gain more control, they would need to see a break of a 12-day-old ascending trend line, which is currently situated near the 1.2250 level.

It is important to note that the market is unpredictable, and the direction of the GBP/USD pair may change rapidly. Therefore, traders should remain vigilant and closely monitor market developments. Till then we do not advise selling GBP/USD.

Support and Resistance Level: -