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GBP/USD Signals & Technical Analysis for Forex Traders

British Pound Rises Ahead of US Economic Data Release: GBP/USD Pair Surges by 1% Amidst Key Housing Numbers Release

Short Position

Sell Stop: 1.2422
Take Profit: 1.2300
Stop Loss: 1.2550

Long Position

Take Profit: 1.2600
Stop Loss: 1.2355
Timeline: 1-2 days

The British pound rose against the US dollar ahead of the release of key economic data from the United States. The GBP/USD pair reached a high of 1.2477, rising by about 1% above last week’s lowest level. The US will release important housing numbers for February, including the house price index, building permits, new home sales, and consumer confidence data. These numbers are critical for the Federal Reserve’s interest rate decision-making process. The UK will only publish data on public-sector spending, which is expected to show that the government borrowed more in March than in the previous month.

Despite the pressure on the US housing sector due to rising interest rates, the British pound has been rising steadily in recent months. It has increased by over 20% from the lowest level in 2022, making it one of the best-performing currencies this year. The GBP/USD pair has moved slightly above the important resistance level at 1.2467, and technical analysis suggests that it will likely continue rising as buyers target the year-to-date high of 1.2540.