GBPUSD Outlook 1st March 2023
The GBPUSD surged strongly to the upside overnight as the price bounced off the previous bearish trend line, rising to retest the 1.2150 price area and resistance level.
This move higher was due to the weakness in the DXY following the release of weaker than expected consumer confidence data and the agreement of the deal, resolving the issue along the Northern Ireland border which arose from Brexit.
With Brexit no longer an uncertainty for the UK, the GBPUSD could see relatively limited moves to the downside.
Early in the trading session today, the GBPUSD again bounced from the 1.20 price level and current price action suggests the potential for further upside.
Look for the GBPUSD to retest the 1.2150 resistance level, and beyond that the 1.2220 previous swing high from February 15th.
This move higher was due to the weakness in the DXY following the release of weaker than expected consumer confidence data and the agreement of the deal, resolving the issue along the Northern Ireland border which arose from Brexit.
With Brexit no longer an uncertainty for the UK, the GBPUSD could see relatively limited moves to the downside.
Early in the trading session today, the GBPUSD again bounced from the 1.20 price level and current price action suggests the potential for further upside.
Look for the GBPUSD to retest the 1.2150 resistance level, and beyond that the 1.2220 previous swing high from February 15th.
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