Forex analysis - 2025-03-24 (02:50)

Forex data GBP/USD
Date : 2025-03-24
Opening : 1.29025
Higher up: 1.29317
Below: 1.29025
Closing : 1.29300

Economic news :
Markets Worry About Interest Rates, Growth
ForexLive European FX news wrap: Dollar steady as risk sentiment stays on edge
GBP/USD Forecast: Markets Pivot from Tariffs to Monetary Policy

Detailed analysis:
The analysis of the Forex market for the GBP/USD pair on 24 March 2025, based on the data and news provided, is as follows:

### Technical Analysis

- GBP/USD opened at 1.29025 and closed slightly higher at 1.29300, indicating slight upward pressure on the day.
- High and Low:** The high for the day was 1.29317, while the low was identical to the opening level at 1.29025. This shows a relatively small range of variation, suggesting some consolidation around these levels.
- Current Trend:** The slight rise in the close compared to the open, combined with the small amplitude of the day, indicates a neutral to slightly bullish trend. However, the low volatility could also signal that the markets are waiting for more significant news or events.

### Impact of Economic News

- Concerns about interest rates and economic growth may weigh on market sentiment. If investors anticipate further rate hikes in the US, this could strengthen the dollar against sterling.
- Risk sentiment:** The dollar's stability, despite risk sentiment on the markets, could indicate that investors are looking for safe-haven assets, which could limit sterling's gains.
- The shift in focus from trade tariffs to monetary policy suggests that traders are now more focused on central bank decisions, which could create increased volatility around monetary policy announcements.

### Short-Term Forecasts

- Bullish scenario:** If UK economic data shows signs of resilience or if the Bank of England adopts a more aggressive stance on interest rates than expected, we could see the GBP/USD pair attempt to break above immediate resistance around 1.29300 - 1.29500.
- Bearish scenario:** Conversely, if concerns over UK economic growth intensify or the US Federal Reserve signals a tighter monetary policy, the pair could retest support around 1.29000, or even fall below it.
- Neutral scenario:** In the absence of any significant economic news or changes in monetary policy, the pair could continue to move sideways in a narrow range, pending clearer catalysts.

### Conclusion

The GBP/USD pair is currently in a holding pattern, influenced by global economic and monetary uncertainties. Traders should keep a close eye on economic announcements and speeches by central bankers to anticipate future movements in the pair. Particular attention should be paid to key economic indicators and statements from the Bank of England and the Federal Reserve.