GBP/USD Attempts To Settle Above 1.2950 – ForexNews.PRO

U.S. Dollar Index tests new lows as Donald Trump decided to double tariffs on Canadian steel and aluminum. The U.S. President retaliated against Ontario’s move to raise tax on electricity exported to the U.S.

Currently, U.S. Dollar Index is trying to settle below the support level at 103.20 – 103.40. In case this attempt is successful, U.S. Dollar Index will head towards the next support, which is located in the 102.00 – 102.20 range.

GBP/USD moved higher despite the disappointing BRC Retail Sales Monitor report. The report indicated that Retail Sales increased by 0.9% month-over-month in February, compared to analyst forecast of 2.4%.

A successful test of the resistance at 1.2935 – 1.2950 will push GBP/USD towards the next resistance level at 1.3050 – 1.3070.

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