Forex analysis - 2025-02-24 (06:31)

Forex data GBP/USD
Date : 2025-02-24
Opening : 1.26500
Higher up: 1.26905
Below: 1.26437
Closing : 1.26738

Economic news :
Monday morning open levels - indicative forex prices - 24 February 2025
Global FX Market Summary: US Dollar Weakness, Mixed US PMI Data 21 February 2025
Mixed Sentiment In World Markets

Detailed analysis:
### Complete Forex Market Analysis - GBP/USD

#### 1. **Market Data Summary
- Opening:** 1.26500
- Higher:** 1.26905
- Lower:** 1.26437
- Closing:** 1.26738

#### 2. **Economic context and market sentiment**.
Recent economic data and current events point to weakness in the US dollar. PMIs (purchasing managers' indices) in the United States have shown mixed results, which could influence perceptions of US economic strength and, consequently, the value of the dollar.

#### 3. **Technical analysis
- Current Trend:** The GBP/USD pair rose slightly during the day, opening at 1.26500 and closing at 1.26738. The intraday movement saw a high of 1.26905, indicating bullish pressure, albeit moderate.
- Key Technical Levels:**
- Immediate support:** 1.26437 (day's low)
- Immediate resistance:** 1.26905 (day's high)

#### 4. **Impact of Economic News
- US Dollar Weakness:** Dollar weakness is a key factor underpinning the slight rise in GBP/USD. This is mainly due to mixed economic data in the US, which could influence the Federal Reserve's monetary policy.
- Market sentiment:** Overall sentiment is mixed, with investors uncertain about the short-term direction of global markets. This is reflected in moderate volatility on the currency markets.

#### 5. **Short term forecast**.
- Bullish scenario:** If dollar weakness continues, GBP/USD could retest resistance at 1.26905. A break above this level could pave the way for a move towards 1.27200.
- Bearish scenario:** In the event of a strengthening dollar or further favourable US economic data, GBP/USD could fall back towards support at 1.26437. A break below this level could signal a return to 1.26000.
- Factors to watch:** Investors should keep an eye on upcoming US economic releases, comments from the Federal Reserve, and geopolitical developments that could influence market sentiment.

#### 6. **Conclusion
The GBP/USD pair is currently showing a slight uptrend, fuelled by the weakness of the US dollar. However, the market remains sensitive to economic news and global investor sentiment. Traders will need to remain vigilant for economic and political developments that could impact the pair's future movements.