GBP/USD: Bearish Sentiment Persists Ahead of Easter Break

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Closed the trading session before the Easter weekend, the GBP/USD pair is seen hovering around 1.2617, encapsulated within a prevailing bearish sentiment. Similar to the EUR/USD, the pair remains within an accumulation range, suggesting a possible Triangle pattern for enthusiasts of technical analysis. Notably, it is trading below both the 21 and 200 Moving Averages on the H4 timeframe, underscoring the strength of the bearish trend.

Inflation in the US saw a marginal uptick to 2.5% annually in February, according to the PCE Price Index, the Federal Reserve's preferred gauge for tracking inflation. This modest increase from January's 2.4% met market expectations. Meanwhile, the index recorded a 0.3% rise from the previous month, slightly below the forecasted 0.4%. Core PCE, which excludes food and energy, also experienced a 2.8% annual increase, aligning with predictions, with a monthly uptick of 0.3%. The upward revision of January's core PCE figures signals ongoing inflationary pressures, potentially influencing the Federal Reserve to maintain higher interest rates.

With upcoming employment data expected to play a crucial role in shaping future policy decisions, the timing and extent of rate adjustments remain uncertain.

Considering these factors, our analysis leans towards a bearish continuation for the GBP/USD pair, with a potential downside target identified at 1.25315.

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