GBP/USD Trend Today - Further Upward?

🔔🔔🔔GBP/USD news:

👉GBP/USD continues its recovery momentum, holding onto daily gains near 1.2950 during the European session on Monday. Data from the UK revealed that private sector business activity expanded at a faster pace in March compared to February, providing support for the British Pound.

👉A weaker US Dollar (USD) at the start of the week is helping GBP/USD maintain its strength, as market sentiment improves amid easing concerns over aggressive US retaliatory tariffs.

👉Market participants will closely watch the March PMI data from the US later in the day. If the US composite PMI falls below 50, signaling a contraction in private sector activity, the Pound could see an immediate boost. Conversely, if the US PMI data comes in above 50, the USD may regain strength in the second half of the day.

👉Investors appear to believe that an economic slowdown in the US due to tariffs could force the Federal Reserve to resume its rate-cutting cycle sooner than expected. This, along with a positive tone in US stock futures, seems to be weakening the safe-haven US Dollar.

Personal analysis:

👉GBP/USD will maintain its upward momentum in the short term, due to the short-term impacts negatively affecting the Dollar.

👉Technically, this pair has strong support from EMA and Fibonacci at 1.294, so it can be carefully considered in this area

👉Analysis based on Fibonacci combined with Pivot points and EMA to come up with a suitable strategy

Plan:

🔆Price Zone Setup:

👉Buy GBP/USD news: 1.2910 – 1.2900
❌SL: 1.2870| ✅TP: 1.2950 – 1.2995

FM wishes you a successful trading day 💰💰💰