

Market Analysis
GBP/USD continues its downward trend for the third consecutive session, hovering around 1.2490 during the Asian trading hours on Thursday. The Bank of England (BoE) is set to announce its interest rate decision today, widely expected to maintain the rate at 5.25%.
Expectations for potential interest rate cuts by the Bank of England have been pushed back to September, attributed to concerns over robust wage growth in the UK. This wage growth is fueling core inflation, the preferred inflation metric for the central bank. In March, the annual inflation rate dipped to 3.2%, slightly above market forecasts but marking the lowest rate since September 2021.
Meanwhile, the US Dollar is strengthening on anticipations of the Federal Reserve keeping interest rates elevated. Moreover, higher US Treasury yields are bolstering the dollar, weighing on the GBP/USD pair.
Boston Fed President Susan Collins underscored the need for a period of moderation in the US economy to achieve the central bank's 2% inflation target. Minneapolis Fed President Neel Kashkari echoed sentiments on Tuesday, indicating expectations for unchanged rates over an extended period, according to Reuters reports.
GBPUSD
OVERVIEW | |
---|---|
Today last price | 1.2491 |
Today Daily Change | -0.0007 |
Today Daily Change % | -0.06 |
Today daily open | 1.2498 |
TRENDS | |
---|---|
Daily SMA20 | 1.2482 |
Daily SMA50 | 1.2604 |
Daily SMA100 | 1.264 |
Daily SMA200 | 1.2545 |
LEVELS | |
---|---|
Previous Daily High | 1.2516 |
Previous Daily Low | 1.2468 |
Previous Weekly High | 1.2635 |
Previous Weekly Low | 1.2466 |
Previous Monthly High | 1.2709 |
Previous Monthly Low | 1.23 |
Daily Fibonacci 38.2% | 1.2486 |
Daily Fibonacci 61.8% | 1.2497 |
Daily Pivot Point S1 | 1.2472 |
Daily Pivot Point S2 | 1.2446 |
Daily Pivot Point S3 | 1.2424 |
Daily Pivot Point R1 | 1.252 |
Daily Pivot Point R2 | 1.2542 |
Daily Pivot Point R3 | 1.2568 |
Paraphrasing text from "FX Street" all rights reserved by the original author.