Will GBP/USD rise after new economic data is released?
The GBP/USD currency pair is being influenced by a number of key economic and political factors.
The rise is attributed to a weaker US dollar as markets assess the impact of economic policies in a second term for President Trump. The US dollar fell around 1% following news that any new tariffs would be applied in a “moderate” manner.
The pound has gained against other major currencies, although weak economic data from the UK has put pressure on government bond yields. Experts predict the Bank of England (BoE) could cut interest rates by 100 basis points this year.
However, today's economic data on Claims Change and Average Earnings Index 3M/Y is positive for GBP, so the currency could trend higher in the short term
Forecast:
GBP/USD is currently trading around 1.225… and will follow an upward trend towards the 4H trend line with a target of 1.24xx before falling. However, it should be noted that factors such as BoE monetary policy, US economic developments and Trump administration policy decisions will strongly influence the trend of this currency pair in the coming period.
Thank you for reading my comment: "FM"
The rise is attributed to a weaker US dollar as markets assess the impact of economic policies in a second term for President Trump. The US dollar fell around 1% following news that any new tariffs would be applied in a “moderate” manner.
The pound has gained against other major currencies, although weak economic data from the UK has put pressure on government bond yields. Experts predict the Bank of England (BoE) could cut interest rates by 100 basis points this year.
However, today's economic data on Claims Change and Average Earnings Index 3M/Y is positive for GBP, so the currency could trend higher in the short term
Forecast:
GBP/USD is currently trading around 1.225… and will follow an upward trend towards the 4H trend line with a target of 1.24xx before falling. However, it should be noted that factors such as BoE monetary policy, US economic developments and Trump administration policy decisions will strongly influence the trend of this currency pair in the coming period.
Thank you for reading my comment: "FM"
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