On Tuesday, the GBP/USD pair experienced a slight rebound, allowing the cable to retrace to the upper boundary of the short-term consolidation and hold bid near the 200-day exponential moving average (EMA).US consumer sentiment declined in February, adding to concerns of slowing economic growth, with US President Donald Trump reiterating his intention to impose stiff import taxes on his citizens as a trade war threat against the US's closest trading partners.
Despite weakening consumer sentiment, driven mainly by concerns over President Trump's tariff packages, the cable markets remained positive on Tuesday.Despite a new round of attempts by President Trump to start a trade war, markets continue to believe that the US President will find a reason to put aside his own tariff threats at the 11th hour.
The data calendar for the US and UK has relatively few items scheduled for Wednesday, although the market is anticipating the release of the US Gross Domestic Product (GDP) on Thursday. Friday will conclude the week with the release of updated US Personal Consumption Expenditure (PCE) inflation data, a key indicator that investors hope will show that the recent rise in the core Consumer Price Index (CPI) has not affected core inflation.
Trading recommendation: BUY 1.26500, SL 1.26000, TP 1.27300
Despite weakening consumer sentiment, driven mainly by concerns over President Trump's tariff packages, the cable markets remained positive on Tuesday.Despite a new round of attempts by President Trump to start a trade war, markets continue to believe that the US President will find a reason to put aside his own tariff threats at the 11th hour.
The data calendar for the US and UK has relatively few items scheduled for Wednesday, although the market is anticipating the release of the US Gross Domestic Product (GDP) on Thursday. Friday will conclude the week with the release of updated US Personal Consumption Expenditure (PCE) inflation data, a key indicator that investors hope will show that the recent rise in the core Consumer Price Index (CPI) has not affected core inflation.
Trading recommendation: BUY 1.26500, SL 1.26000, TP 1.27300
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More analytical information and promotions on FreshForex website cutt.ly/mw3aPjui
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.