GBPUSD 28/05/2024
Macroeconomic News:
The GBP/USD pair is trading with a slight upward trend near 1.2780 in early Asian trading on Tuesday. Traders are scaling back bets on Fed rate cuts due to strong US data and hawkish comments from the Fed. Simultaneously, the Bank of England (BoE) might keep rates unchanged, supporting the GBP. Markets are awaiting the US Conference Board Consumer Confidence Index, the FHFA House Price Index, along with speeches from Fed officials like Neel Kashkari, Mary Daly, and Lisa Cook later on Tuesday. According to the CME FedWatch tool, the probability of a Fed rate cut in September has decreased to 49% from 63% a week ago. Key US data this week could provide insights into the economic outlook and inflation trajectory.
Technical Analysis:
The GBP/USD pair is consolidating its upward trend around 1.2780 after reaching a two-month high in early Asian trading on Tuesday. The US Dollar Index (DXY) maintains selling pressure around 104.43, supporting the major pair. This area is currently a resistance zone for the pair; if it breaks through, the price could aim for the 1.2893 region, the peak from March 2024. Key technical support levels include the 20-day Simple Moving Average (SMA) at 1.2627 and the 200-day SMA at 1.2541.
The GBP/USD pair is trading with a slight upward trend near 1.2780 in early Asian trading on Tuesday. Traders are scaling back bets on Fed rate cuts due to strong US data and hawkish comments from the Fed. Simultaneously, the Bank of England (BoE) might keep rates unchanged, supporting the GBP. Markets are awaiting the US Conference Board Consumer Confidence Index, the FHFA House Price Index, along with speeches from Fed officials like Neel Kashkari, Mary Daly, and Lisa Cook later on Tuesday. According to the CME FedWatch tool, the probability of a Fed rate cut in September has decreased to 49% from 63% a week ago. Key US data this week could provide insights into the economic outlook and inflation trajectory.
Technical Analysis:
The GBP/USD pair is consolidating its upward trend around 1.2780 after reaching a two-month high in early Asian trading on Tuesday. The US Dollar Index (DXY) maintains selling pressure around 104.43, supporting the major pair. This area is currently a resistance zone for the pair; if it breaks through, the price could aim for the 1.2893 region, the peak from March 2024. Key technical support levels include the 20-day Simple Moving Average (SMA) at 1.2627 and the 200-day SMA at 1.2541.
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