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The GBP/USD is expected to continue its downward trend into the 1.31 level.

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  • The GBP/USD is expected to continue its downward trend into the 1.31 level.

The GBP/USD is expected to continue its downward trend into the 1.31 level.

29 March
The GBP/USD is expected to continue its downward trend into the 1.31 level.

In the face of increased dollar strength, the GBP/USD has begun to fall. According to FXStreet's Eren Sengezer, 1.3130 aligns as intermediate support before the pair may approach 1.3100.

Unless 1.3160 becomes support, sellers will maintain control of the GBP/USD price.
"At 11:00 GMT, Governor Andrew Bailey of the Bank of England will give a speech titled 'Macroeconomic and Financial Stability in Changing Times.' If Bailey suggests that future rate rises would be cautious, the pound may continue to fall versus its peers. A hawkish tone, on the other hand, might aid the rebound of the GBP/USD."

"On the downside, 1.3130 (static level, daily low) serves as a temporary support level before the pair attempts to reach 1.3100 (psychological level, static level)."

"At 1.3160, 1.3180 (50-period SMA), and 1.3200 (psychological level, Fibonacci 50 percent retracement), resistances align."

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