GBPUSD: Forex Analysis, Support & Resistance Levels

Today is a big day for the UK as we have the Bank of England governor speaking at a virtual summit held by the BIS and we also have the Spring Budget Statement from the UK Government. The BoE has continued with its rate hike cycle but some perceive the latest MPC meeting to have delivered a dovish rate hike. And we’re using the pound come off as the Fed who is also now in a rate hike cycle talking a very hawkish game. EURUSD also looks to be weakening so US dollar strength is emerging, though the caveat to a higher DXY is that retail sentiment is extremely bullish. If there were to be a dovish comment from Fed Chair Powell at any time the USD strength could evaporate quickly, if only to stop out the retail cohort. 

For more trading details, please check the hyperlinks with time stamp indicated from the video:

1:29 GBP/USD

2:08 US DOLLAR INDEX

2:56 EUR/USD