Forex analysis - 2025-03-24 (22:53)

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

Economic news :
Global FX Market Summary: Mixed US and EU PMI Data, US Dollar Strength, Market Reactions 24 March 2025
Currency Pairs In Focus As Central Banks Hold Rates
Markets Anticipate Tariff Relaxations

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

#### Market Context
The forex market showed moderate volatility today, influenced by mixed global economic data and economic policy expectations. The GBP/USD opened at 1.29025, reaching a high of 1.29317 before closing at 1.29300.

#### Current Trend
The GBP/USD pair showed a slight uptrend over the course of the day, closing higher than it opened. This momentum can be attributed to a variety of macroeconomic factors, including the relative weakness of the US dollar despite its general strength, due to mixed PMI data in the US and Europe.

#### Impact of Economic News
1. **Mixed PMI data:** Purchasing Managers' Index (PMI) data from the US and the EU showed mixed results, creating uncertainty in the market. The disappointing US PMI figures tempered the overall strength of the dollar, allowing sterling to gain ground.

2. **Central Bank Policy:** Expectations that central banks would keep interest rates unchanged also influenced the market. This perceived monetary stability contributed to a reduction in volatility for GBP/USD.

3. **Talks of a possible easing of trade tariffs injected cautious optimism into the market, supporting sterling slightly against the dollar.

#### Short-Term Forecasts
The GBP/USD pair could continue to trade in a narrow range in the sessions ahead, unless new economic data or political announcements upset the current balance.

- Bullish scenario:** If the forthcoming UK economic data is positive or if the US dollar weakens further, the pair could test new highs above 1.29317.

- Bearish scenario:** Conversely, strong US economic data or unfavourable news for the UK could put pressure on the pound, causing it to fall towards the opening level of 1.29025 or below.

#### Conclusion
The GBP/USD pair is showing resilience in the face of current economic pressures, supported by factors specific to both economies. Traders should keep a close eye on upcoming economic releases and central bank statements, which could significantly influence short-term market trends.