Forex analysis | Amega Forex Broker

GBPUSD overview 24.03.2021

24 March 2021 Amega

Sterling falling on surprise UK inflation decline.

GBPUSD under the bearish pressure today reflecting the widespread bearish sterling sentiment after data showed a surprise decline in inflation in Britain in February. British consumer price inflation fell to 0.4% in February from 0.7% in January, in the biggest annual drop in clothing prices since 2009. In response to this British two-year government bond yields hit one-month low and briefly dipped below zero when trading started after the release of weak inflation data – which is a bearish signal for the sterling. The a strengthened dollar on rising bond yields and the European Union considering a ban on COVID-19 vaccine exports to Britain are the other bearish factors weighing on this currency pair.

Expect sellers on upward corrections.

Next support to watch – 1.3625

Amega

Trade with an award-winning broker! Lowest spreads on the market for Forex, Precious Metals, Energies. No re-quotes, no rejection of orders & instant withdrawals.

Open account