GBPUSD: Will the Pair Continue to Show Volatility?
The GBPUSD currency pair has been showing increased volatility recently, thanks in part to the saga around SVB and Credit Suisse. As of Wednesday 22nd and Thursday 23rd March 2023, price action saw resistance around the 1.23000-1.23500 level, with Friday 24th March confirming it. It's interesting to note that this level held price from Tuesday 24th January until Thursday 2nd February 2023.
With this background in mind, we expect price action to find minor support around the 1.21000 or 1.19920 level. If the level holds, we anticipate a bull run to target the 1.2150 price level.
Looking ahead, the last trading week for the month of March 2023 has several important events that could impact the GBPUSD currency pair. The first is the BOE Gov Bailey Speaks, which is scheduled for Tuesday 28th March at 9:45 am GMT. This could provide insight into the Bank of England's current monetary policy and future direction, which could impact the currency pair.
Later that day, there will be another BOE Gov Bailey Speaks event, this time scheduled for 3:00 pm GMT. This event could provide additional insight into the central bank's stance on the economy and any potential policy changes.
With this background in mind, we expect price action to find minor support around the 1.21000 or 1.19920 level. If the level holds, we anticipate a bull run to target the 1.2150 price level.
Looking ahead, the last trading week for the month of March 2023 has several important events that could impact the GBPUSD currency pair. The first is the BOE Gov Bailey Speaks, which is scheduled for Tuesday 28th March at 9:45 am GMT. This could provide insight into the Bank of England's current monetary policy and future direction, which could impact the currency pair.
Later that day, there will be another BOE Gov Bailey Speaks event, this time scheduled for 3:00 pm GMT. This event could provide additional insight into the central bank's stance on the economy and any potential policy changes.
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Target reached. Let's see what's next!
