GBPUSD fell to lowest level since November 2020

GBPUSD pair fell sharply in recent weeks partially due to the growing discrepancy between the FED and Bank of England narratives. BoE softened its tone during the March meeting which may suggest UK policymakers may be more concerned about growth prospects rather than elevated inflation. Meanwhile the Fed is expected to become more aggressive this year and many investors expect 50bps hike in May which supports US dollar.

GBPUSD depreciated to below support at $1.30, the lowest since November 2020. If current sentiment prevails, downward move may accelerate towards next support at 1.2850 which coincides with 50.0% Fibonacci retracement of the upward wave launched in March 2020. On the other hand, if buyers manage to regain control, then another upward impulse towards 1.32 may be launched. Source: xStation5

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