18 March 2024, GBP/USD
GBPUSD:
The GBP/USD pair appeared to reverse the decline that began on Thursday, hovering around 1.2730 during the Asian session on Monday. However, the pair faced setbacks amid market caution ahead of the US Federal Reserve's interest rate decision on Wednesday.
On Friday, the preliminary US Michigan Consumer Sentiment Index for March declined to 76.5 from the previous reading of 76.9. The decline contradicts expectations that the index would remain unchanged. Meanwhile, industrial production (m/m) rose 0.1% in February, exceeding the expected flat 0.0% and recovering from a 0.5% decline in the previous month.
On the other hand, the consumer inflation expectation released by the Bank of England (BoE) on Friday rose 3.0%, marking a decline from the previous 3.3% rise. This data has prompted markets to increase bets on a Bank of England (BoE) rate cut in June, potentially weakening the Pound Sterling (GBP) and consequently putting downward pressure on the Pound-Dollar pair.
Trading recommendation: Trade in the price range of 1.2720-1.2760, watch the level of 1.2760
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