GBP/USD Forex Signal Today 17/03: Bullish Outlook (Chart)

(MENAFN- Daily Forex) Bullish viewBuy the GBP/USD pair and set a take-profit at 3100 a stop-loss at 2850: 1-2 days viewSell the GBP/USD pair and set a take-profit at 2850 a stop-loss at 3100 GBP/USD exchange rate tilted downwards after the UK published weak economic data on Friday. It retreated from the year-to-date high of 1.2988 on Wednesday to a low of 1.2935. The pair remains significantly higher than the year-to-date low of 2100 of England and FOMC decisionsThe GBP/USD pair has moved downwards after the UK published weak economic numbers. According to the Office of National Statistics (ONS), the economy contracted by 0.1% in January, missing the consensus estimate of 0.1%.More data shows that the manufacturing and industrial production numbers contracted by 1.5% and 0.9%, respectively. The country\u0026rsquo;s construction output dropped by 0.2% during the month numbers came a few days before the Bank of England (BoE) interest rate decision. Analysts expect that the bank will leave interest rates unchanged at 4.5% and signal that it will deliver more cuts later this year. However, with the economy contracting, there is a likelihood that the bank will cut rates by 0.25%. Top Forex Brokers 1 Get Started 74% of retail CFD accounts lose money Read Review BrokerGeoLists({ type: \u0027MobileTopBrokers\u0027, id: \u0027mobile-top-5\u0027, size: SidebarBrokerListAmount, getStartedText: \u0060Get Started\u0060, readReviewText: \u0060Read Review\u0060, Logo: \u0027broker_carrousel_i\u0027, Button: \u0027broker_carrousel_n\u0027, });\u0022 dir=\u0022auto\u0022 id=\u0022content-1686574122635\u0022\u003E Top Forex Brokers 1 Get Started 74% of retail CFD accounts lose money Read Review BrokerGeoLists({ type: \u0027MobileTopBrokers\u0027, id: \u0027mobile-top-5\u0027, size: SidebarBrokerListAmount, getStartedText: \u0060Get Started\u0060, readReviewText: \u0060Read Review\u0060, Logo: \u0027broker_carrousel_i\u0027, Button: \u0027broker_carrousel_n\u0027, });The GBP/USD pair will also react to Wednesday\u0026#39;s Federal Reserve interest rate decision. Like the BoE, analysts expect the Fed will leave interest rates unchanged at 4.50% in its second meeting of the year its last meeting, the bank hinted that it would deliver two rate cuts this year. Since then, officials have hinted that they will not be in a hurry to cut rates until inflation moves towards 2%.Data released last week showed that US inflation dropped in February, with the headline CPI falling to 2.8% and the core figure moving to 3.1%. However, these numbers did not include the impact of Donald Trump\u0026rsquo;s tariffs, which are expected to push prices higher in the longer term. EURUSD Chart by TradingView GBP/USD technical analysisThe daily chart shows that the GBP/USD pair has been in a strong uptrend in the past few months as the US dollar index slipped. This rally faded after the UK published weak GDP, manufacturing, and industrial production data pair is hovering at the 61.8% Fibonacci Retracement level. Also, the 50-day and 100-day Exponential Moving Averages (EMA) are about to cross each other, forming a mini golden cross, the pair will likely continue rising as bulls target the next key resistance level at 1.3100. A drop below the support at 1.2800 will invalidate the bullish outlook.

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