GBP/USD Forecast

The pound hit a seven-month high against the dollar on US wage slowdown, as the US dollar was sold off at the end of last week.

During yesterday's trading session, the GBP/USD pair rose by a third of a percent to reach 1.2744 after the US job quit rate fell.

The UK budget announcement and the testimony of the US Federal Reserve Chairman are factors that will have a strong impact on the performance of the GBP/USD currency pair during today's session.

The GBP/USD exchange rate traded widely last week, generally heading lower amid economic data releases from the United States.

The US dollar strength helped the bears move the GBP/USD currency pair to the psychological support level of 1.2600 and closed trading around 1.2650 last week.

In the middle of trading this week, the GBP/USD currency pair fell to the 1.2622 support level before stabilizing around 1.2665.

Amid limited trading, the GBP/USD currency pair is moving steadily around the 1.2658 level.

February 27, 2023, Technical analysis of the pound sterling against the dollar GBP/USD today

The Sterling price continues to show unique resilience against the recent gains of the US dollar against other major currencies.

Attempts to rebound higher for the GBP/USD currency pair still lack strong momentum to confirm a return to the upward path.

For four consecutive trading sessions, GBP/USD has been trying to rebound.

GBP/USD declined further last week.

At the end of last week's trading, the price of the GBP/USD pair tried to rebound higher to compensate for its losses in the same week.

The price of the pound sterling fell against the rest of the other major currencies.

Sterling was not terribly pleased with the announcement of stronger wages and jobs figures in Britain.