Forex analysis - 2025-02-24 (11:52)

Forex data GBP/USD
Date : 2025-02-24
Opening : 1.26500
Higher up: 1.26905
Below: 1.26254
Closing : 1.26399

Economic news :
10 Best Low Priced Stocks to Invest in Now
Monday morning open levels - indicative forex prices - 24 February 2025
Global FX Market Summary: US Dollar Weakness, Mixed US PMI Data 21 February 2025

Detailed analysis:
**Comprehensive analysis of the GBP/USD Forex market**.

**Date:** 24 February 2025

**Market data:**
- Opening:** 1.26500
- Higher:** 1.26905
- Lower:** 1.26254
- Closing:** 1.26399

**Major Economic News:**
- Low-priced equities attractive for investment.
- Monday morning opening levels for forex - indicative.
- Global currency market summary: Weak US dollar, mixed US PMI data.

**Detailed analysis:**

**1. Current Trend:**
The GBP/USD pair fell slightly on the day, opening at 1.26500 and closing at 1.26399. The range for the day was relatively tight, with a high of 1.26905 and a low of 1.26254. This suggests a degree of stability with a slightly downward trend, probably influenced by persistent weakness in the US dollar.

**2. impact of economic news:**
- US Dollar Weakness:** The recent weakness in the US dollar, as highlighted in the Global Market Summary, is likely to have provided some support for sterling. Mixed PMI data from the US may have contributed to this weakness, reducing demand for the dollar.
- Although this news is not directly linked to forex, it could indicate a shift towards riskier assets, indirectly influencing capital flows and demand for currencies.

**3. Short-term forecasts:**
- Bullish scenario:** If the US dollar continues to show signs of weakness, GBP/USD could rebound above immediate resistance around 1.26905, potentially targeting 1.27000 and beyond.
- Bearish scenario:** Conversely, if new economic data or geopolitical events strengthen the dollar, the pair could test support at 1.26254 and move down towards 1.26000.
- Neutral scenario:** In the absence of any major catalysts, the pair could continue to trade in a narrow range as traders await clearer clues as to the economic direction of the US and UK.

**Conclusion:**
The GBP/USD pair is currently being influenced by the weakness of the US dollar and mixed economic data. Traders should keep an eye on upcoming economic news from both sides of the Atlantic for indications of future direction. Key levels to watch include resistance at 1.26905 and support at 1.26254.