GBP/USD Price Forecast: Hold onto two-month high near 1.3590 amid risk-on mood
- GBP/USD trades firmly near a fresh two-month high of 1.3565 amid upbeat market sentiment.
- The hopes of a US-Iran permanent ceasefire have improved demand for riskier assets.
- Investors await BoE Bailey’s remarks and the UK monthly GDP data.
The GBP/USD pair trades flat around 1.3565 during the European trading session on Wednesday, but is close to its almost two-month high of 1.3590 posted the previous day. The Cable demonstrates strength as hopes of a permanent ceasefire between the United States (US) and Iran have improved the market sentiment.
During the press time, S&P 500 futures hold onto Tuesday’s gains near 6,970, reflecting an upbeat market mood. The US Dollar Index (DXY), which tracks the Greenback’s value against six major currencies, trades close to an over six-week low of 98.00.
US President Donald Trump has stated in an interview with ABC News, earlier in the day, that he doesn’t see any need to extend the two-week ceasefire while remaining confident that a permanent truce could be reached in the next two days. "I think you’re going to be watching an amazing two days ahead. I really do," Trump said.
Meanwhile, investors await comments from Bank of England (BoE) Governor Andrew Bailey’s in a panel discussion at the IMF later in the day, and the United Kingdom (UK) monthly Gross Domestic Product (GDP) data for February, which will be released on Thursday.
GBP/USD technical analysis
GBP/USD trades firmly near 1.356 as of writing, maintaining a constructive bullish bias while holding above the 20-period exponential moving average (EMA) at 1.3395 and the mid-range 50% Fibonacci retracement at 1.3516.
The rising Relative Strength Index (14) near 62 reinforces upward momentum, hinting that buyers retain control, although conditions are edging toward overbought territory.
On the downside, immediate support is located at the 50% Fibonacci retracement at 1.3516, with further protection at the 38.2% retracement around 1.3432. Looking up, initial resistance is defined by the 61.8% Fibonacci retracement at 1.3599; a clear break above this barrier would open the door to the 78.6% retracement at 1.3718, en route to the 1.3870 cycle high.
(The technical analysis of this story was written with the help of an AI tool.)
Economic Indicator
BoE's Governor Bailey speech
Andrew Bailey is the Bank of England's Governor. He took office on March 16th, 2020, at the end of Mark Carney's term. Bailey was serving as the Chief Executive of the Financial Conduct Authority before being designated. This British central banker was also the Deputy Governor of the Bank of England from April 2013 to July 2016 and the Chief Cashier of the Bank of England from January 2004 until April 2011.
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Source: Bank of England
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