empty
28.03.2023 09:24 AM
Hot forecast for GBP/USD on 28/03/2023

Completely empty macroeconomic calendar and silence from the Bank of England, but the pound fully recouped its losses and returned to the previous week's highs. And it's all about the European Central Bank. More precisely, the ECB representatives and their statements fueled the single currency, which pulled the British pound with it. The words of Isabelle Schnabel were quite interesting, as she almost directly said that we should get ready for a long period of relatively high interest rates. In her speech, she repeatedly referred to the pre-2008 trend in interest rates, arguing that current conditions are far more difficult, and the average interest rate should be slightly higher than it was then. Until the 2008 crisis, interest rates in Europe used to vary between 2.00% and 4.75%, with an average of around 3.00%. From this we can conclude that even the forthcoming rate hike will not be the last. Moreover, an interest rate cut is out of the question for the time being. In addition, Schnabel assured that the ECB has sufficient resources and the necessary tools to prevent the banking crisis. In general, the single currency was rising and pulled the pound with it. Given the fact that the British currency returned to the local highs, its further growth will be somewhat difficult, and most likely, the market will consolidate around the achieved values.

GBP/USD recovered its value relative to the recent pullback. As a consequence, the quote has climbed above 1.2300, which points to the growth in the volume of long positions

On the four-hour chart, the RSI technical indicator is hovering in the upper area of 50/70, which reflects bullish sentiment.

On the same time frame, the Alligator's MAs are intersecting each other, which points to the intermediate signal.

This image is no longer relevant

Outlook

Staying above 1.2300 will lead to the continuation of the upward cycle. However, the 1.2400/1.2450 area, which is the peak of the medium-term uptrend, will put pressure on the bulls and the long positions.

The complex indicator analysis unveiled that in the short-term and intraday periods, indicators are focused on the uptrend cycle.

Dean Leo,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

Hot Forecast for EUR/USD on December 10, 2024

The currency market continues to consolidate around levels reached on Friday, primarily due to the complete absence of any macroeconomic data. With today's economic calendar remaining empty and the European

Dean Leo 05:52 2024-12-10 UTC+2

Hot Forecast for EUR/USD on December 9, 2024

The unemployment rate in the United States increased from 4.1% to 4.2%, which was not entirely unexpected. However, the dollar strengthened. The key driver was the creation of 227,000

Dean Leo 06:27 2024-12-09 UTC+2

Hot Forecast for EUR/USD on December 6, 2024

Eurozone retail sales growth slowed significantly from 3.0% to 1.9%, much worse than even the most pessimistic forecasts. Yet, the euro still managed to gain ground. It is impossible

Dean Leo 06:31 2024-12-06 UTC+2

Hot Forecast for EUR/USD on 05.12.2024

The rate of decline in producer prices in the Eurozone slowed from -3.4% to -3.2%, contrary to expectations of an acceleration to -3.5%. This indicates that, while likely to decrease

Dean Leo 06:37 2024-12-05 UTC+2

Hot Forecast for EUR/USD on December 4, 2024

The number of job openings in the United States was expected to decrease by 63,000 but increased by 372,000. However, it's difficult to draw any conclusions from this data because

Dean Leo 06:30 2024-12-04 UTC+2

Hot Forecast for EUR/USD on December 3, 2024

Instead of rising from 6.3% to 6.4%, the Eurozone unemployment rate remained unchanged. However, this did not impact the market, and prices stayed flat. This is partly due to news

Dean Leo 06:30 2024-12-03 UTC+2

Hot Forecast for EUR/USD on 02.12.2024

Despite the acceleration of annual inflation in the Eurozone from 2.0% to 2.3%, the euro failed to rise and even weakened. Although the scale of the decline was limited

Dean Leo 05:52 2024-12-02 UTC+2

Hot Forecast for EUR/USD on November 27, 2024

As expected, the Federal Open Market Committee meeting minutes didn't reveal anything new. Given the dollar's excessive overbought condition, a continuation of the corrective movement, that is, some strengthening

Dean Leo 06:24 2024-11-27 UTC+2

Hot Forecast for EUR/USD on November 26, 2024

Despite some fluctuations, the market is essentially at a standstill. This pattern may persist until the FOMC meeting minutes are published this evening. A significant reaction is only likely

Dean Leo 06:46 2024-11-26 UTC+2

Hot Forecast for EUR/USD on November 25, 2024

The preliminary PMI data for the Eurozone delivered a negative surprise. Instead of expected growth, all indicators declined. The Services PMI fell from 51.6 to 49.2 (forecast: 52.0)

Dean Leo 06:26 2024-11-25 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.