Recent Performance:
• Against the U.S. Dollar: The British pound has remained relatively stable against the U.S. dollar. This stability is attributed to concerns over the U.S. economy, including inconsistent tariff policies and signs of a slowdown, which have weakened the dollar.
Technical Analysis:
• Support and Resistance Levels: The GBP/USD pair is currently trading around 1.2940. Technical indicators suggest that a sustained break above 1.2923, which is the 61.8% retracement level of the fall from 1.3433 to 1.2099, could pave the way back to the 1.3433 high. Conversely, a drop below minor support at 1.2865 may lead to consolidation.
Fundamental Factors:
• UK Economic Data: The UK's job market showed signs of cooling in February, with slower hiring and the slowest rise in starting salaries in four years. Investors are now focusing on Britain's upcoming monthly GDP release. However, significant deviations from expectations are not anticipated to impact the Bank of England's policy, which is expected to maintain interest rates at 4.5%.