Forex Daily Analysis : March 31, 2021

The daily forex analysis for March 31, 2021 will discuss the movement of GBPUSD in market trading on Tuesday 30 March 2021, dominated by a weakening trend for the Pound. The weakening of the Pound Sterling against the US Dollar was caused by the strengthening of the US Dollar. In today's market trading in the Asian session, it is predicted that the Pound Sterling will still weaken compared to the US Dollar. The greenback's strengthening will continue compared to other major currencies. The strengthening of the US dollar was supported by the good release of the US CB Consumer Confidence data which was released well at 109.7 above the prediction and the previous period which was only 96.9 and 90.4. The US dollar is still mighty compared to other major currencies, this strengthening is supported by the rise in US government bond yields for 10-year tenors. In addition, the strength of the US Dollar is also caused by the increase in inflation forecasts and the recovery of the US economic level. This is based on the policy of US President-elect Joe Biden, who has launched a budget plan of US $3 - US $4 trillion which will be used for development in the infrastructure sector. The alignment between distribution and the rapid and well-structured implementation of Covid-19 vaccines in the United States has led to increased expectations that the US economic rate will soon recover and rise. Coupled with the infrastructure budget plan with a large amount of money also pushed US bond yields to rise, so indirectly the condition of the US Dollar also increased/strengthened. In addition to the causative factors that made the US dollar strengthen as explained above, the release of confidence data at the consumer level has increased. CB Consumer Confidence data jumped to 109.7 in March, higher than predicted at 96.9, and higher than the previous period of 90.4. Economists expect that the rise in the US consumer confidence data in March was the highest data release in a year. The focus of the market this week is on the US Non Farm Payroll data and monthly unemployment rate data which will be released next Friday. It is predicted that this data is very optimistic that the results will be good to add to the strengthening of the US Dollar.

Forex Daily Analysis Predictions

Today's FOREX prediction on the GBPUSD pair is expected to weaken/fall and the recommended OP (Open Position) is SELL at the level of 1.37100. With a Target Profit (TP) of 10 - 20 points and a Stop loss (SL) of 5 - 10 points.
This the daily analysis of forex on March 31, 2021. Keep Money Management and Risk Management first in your trading. Visit GIC Indonesia to get information about the world of trading. You can also join us in the GIC Trade Telegram Community and GIC Trade Telegram Channel. Don't forget to check out the GIC Indonesia Youtube account which is full of a lot of information, and follow our Instagram account to get information about various interesting webinars that you can participate in.