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The results of the March FOMC regular meeting have been announced. The Fed indicated a freeze in interest rates along with signaling three rate cuts by the end of the year through the dot plot. However, while maintaining this year's rate outlook, they raised the rate outlook for next year and the year after, suggesting that rates will decrease at a slower pace. Meanwhile, the UK's February Consumer Price Index came in at 3.4%, falling below expectations. Since the short-term impact of the March FOMC has already been felt, today's announcement of the Bank of England's interest rate decision and Governor Bailey's future remarks are expected to provide additional direction for GBPUSD.
The Bank of England's interest rate decision is scheduled for March 21, and a rate freeze is expected at this meeting.
Fed Chair Powell will give a speech on March 22.
UK GDP and US GDP will be released on March 28.
US Personal Consumption Expenditures Price Index will be released on March 29.
GBPUSD is showing an upward trend. It is currently experiencing an uptrend from the lower trendline and continues to strengthen its upward momentum, receiving support from the trendline. However, due to its gradual ascent, it is difficult to be certain whether it will easily surpass the upper resistance. The expected movements can be summarized into two scenarios.
First, a medium-term uptrend towards the upper trendline after easily surpassing the resistance at 1.3000.
Second, encountering resistance at the 1.3000 level, experiencing a retreat to around 1.2700, and then achieving a medium to long-term uptrend towards the upper trendline.
If there are any unexpected movements such as breaking below the lower support line, I will quickly adjust the strategy.
Please share your personal opinions in the comments. Don't forget to like and subscribe.
The results of the March FOMC regular meeting have been announced. The Fed indicated a freeze in interest rates along with signaling three rate cuts by the end of the year through the dot plot. However, while maintaining this year's rate outlook, they raised the rate outlook for next year and the year after, suggesting that rates will decrease at a slower pace. Meanwhile, the UK's February Consumer Price Index came in at 3.4%, falling below expectations. Since the short-term impact of the March FOMC has already been felt, today's announcement of the Bank of England's interest rate decision and Governor Bailey's future remarks are expected to provide additional direction for GBPUSD.
The Bank of England's interest rate decision is scheduled for March 21, and a rate freeze is expected at this meeting.
Fed Chair Powell will give a speech on March 22.
UK GDP and US GDP will be released on March 28.
US Personal Consumption Expenditures Price Index will be released on March 29.
GBPUSD is showing an upward trend. It is currently experiencing an uptrend from the lower trendline and continues to strengthen its upward momentum, receiving support from the trendline. However, due to its gradual ascent, it is difficult to be certain whether it will easily surpass the upper resistance. The expected movements can be summarized into two scenarios.
First, a medium-term uptrend towards the upper trendline after easily surpassing the resistance at 1.3000.
Second, encountering resistance at the 1.3000 level, experiencing a retreat to around 1.2700, and then achieving a medium to long-term uptrend towards the upper trendline.
If there are any unexpected movements such as breaking below the lower support line, I will quickly adjust the strategy.