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GBP/USD:Navigating Economic Releases and Trading Strategies

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As GBP/USD faces continued downward pressure, the pair finds itself hovering around 1.2745 in Friday's session, with signs pointing to a potential continuation of selling momentum. Amidst this backdrop, traders are closely monitoring key technical levels and upcoming economic data for insights into future price movements.

Technical Analysis and Trading Strategy:

Following a drop below the crucial 1.2900 level earlier in the week, GBP/USD has struggled to regain its footing. With the pair now fluctuating around 1.2745, our analysis suggests a bias towards further downside. To capitalize on potential price movements, we have placed two buy limit orders, anticipating a retracement before a possible surge.

Economic Data and Market Impact:

Recent US economic data, particularly the Producer Price Index (PPI) for February, has exerted influence on market sentiment. The stronger-than-expected 1.6% increase in PPI has led to a rise in the benchmark 10-year US Treasury yield to 4.3%. Consequently, investors are reassessing their expectations regarding the Federal Reserve's policy trajectory, with the probability of a rate hike in June climbing significantly.

Looking ahead, market participants are eagerly awaiting the release of the US Import Price Index data. While this data may not typically cause significant market movements, its potential impact on inflation could influence investor sentiment. A positive print in February could bolster the USD, while a decline may provide support for GBP/USD, potentially leading to a rebound from current levels.

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The GBP/USD pair experienced a reversal in direction following Wednesday's decisive uptrend, driven by widespread selling pressure on the US Dollar (USD). As of the time of writing, the pair remains in a consolidation phase just below the 1.2760 level, with market attention turning to the upcoming Bank of England (BoE) policy announcements.

Technically, there is anticipation of a pullback around the current level indicated by the green rectangle, followed by a potential upward movement aligning with the prevailing trend.

Later today, investors will focus on the release of key US economic data, including the weekly Initial Jobless Claims and S&P Global's preliminary Manufacturing and Services PMI figures for March. Concurrently, US stock index futures are showing gains ranging between 0.4% and 0.9%. Barring any adverse data surprises, a continuation of the risk-on sentiment following the opening bell on Wall Street could exert further downward pressure on the USD.