Forex data GBP/USD
Date : 2025-02-28
Opening : 1.26001
Higher up: 1.26220
Below: 1.25589
Closing : 1.25740
Economic news :
Cable falls to a ten-day low in a sharp turn as alliances begin to crumble
Trade Jitters, Tech Rout And PCE Worries Hit Market Sentiment
ForexLive European FX news wrap: Dollar remains steady going into February home straight
Detailed analysis:
For a full analysis of the GBP/USD forex market on 28 February 2025, we'll look at the key elements influencing the pair, including current trends, the impact of economic news and short-term forecasts.
### Technical Analysis
**1. Current Trend:**
- Open:** 1.26001
- Higher:** 1.26220
- Lower:** 1.25589
- Closing:** 1.25740
The GBP/USD pair showed notable volatility over the course of the session, falling sharply from the open to the close. The close at 1.25740, well below the open, indicates prevailing selling pressure. The move to a low of 1.25589, before rising slightly, suggests an attempted correction at the end of the session.
**2. technical indicators:**
- The formation of a red candle with a relatively long lower wick could indicate that buyers have tried to defend the support level around 1.25600.
- Immediate resistance levels are around 1.26220, the day's high, and immediate support around 1.25589, the day's low.
### Fundamental Analysis
**Impact of Economic News:**
- Cable falls to a ten-day low in a sharp turn as alliances begin to crumble:** This news suggests political or economic instability that could affect sterling, creating downward pressure.
- Trade Jitters, Tech Rout And PCE Worries Hit Market Sentiment:** Concerns about US trade, technology and personal consumption expenditure (PCE) could keep the US dollar relatively stable or even strengthen it, putting further pressure on GBP/USD.
- ForexLive European FX news wrap: Dollar remains steady going into February home straight :** The stability of the US dollar, despite economic uncertainties, could continue to weigh on GBP/USD.
### Short-Term Forecasts
**Possible scenarios:**
1. **If economic and political concerns persist, the pair could continue to fall, potentially testing lower support levels around 1.25000.
2. **Technical rebound:** If the pair finds solid support around 1.25600, a technical rebound could occur, with short-term targets around 1.26000 to 1.26220.
3. **Consolidation:** If the economic news stabilises, the pair could enter a consolidation phase between 1.25500 and 1.26200, in search of new directions.
### Conclusion
The GBP/USD pair is facing downward pressure due to economic and political factors. Traders should keep a close eye on economic news and political announcements that could influence the direction of the pair. Key support and resistance levels should also be monitored for signs of reversal or continuation of the trend.
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