Commenting on GBP/USD's performance, Jeremy Stretch, forex analyst at CIBC Capital Markets, said that, "We will look for continued buying interest on dips to 1.2225/35." The price of the pound witnessed a strong start to 2023 and outperformed all of its major peers in the first quarter, benefiting from a series of economic data that proved to be stronger than what analysts expected. The rise in interest rates at the Bank of England and the bank's continued data-driven approach to more policy moves also added to the rally.
For his part, George Vessey, an analyst at FX & Macro at Convera, said that “The British pound achieved its largest monthly rise since November last year against the US dollar, as narrowing spreads between the United States and Britain and better-than-expected British economic data fueled demand.” Regarding the British currency, he added that “the pound sterling was crowned the best-performing currency in the first quarter of 2023, rising by an average of 3% against its peers in the Group of Ten.”
GBPUSD main trend is still bullish. Currently on the h1 chart the price is in a deep correction. With this currency pair, traders can wait to buy when the price returns to 1.2400, SL: 1.2350, TP: 1.2500
For his part, George Vessey, an analyst at FX & Macro at Convera, said that “The British pound achieved its largest monthly rise since November last year against the US dollar, as narrowing spreads between the United States and Britain and better-than-expected British economic data fueled demand.” Regarding the British currency, he added that “the pound sterling was crowned the best-performing currency in the first quarter of 2023, rising by an average of 3% against its peers in the Group of Ten.”
GBPUSD main trend is still bullish. Currently on the h1 chart the price is in a deep correction. With this currency pair, traders can wait to buy when the price returns to 1.2400, SL: 1.2350, TP: 1.2500
