GBPUSD performed relatively steady among major currencies. The UK's avoidance of Trump's new steel and aluminum tariffs supported the pound and market sentiment remained relatively upbeat.The UK releases April GDP and employment data this week, and markets are paying close attention. If the unemployment rate rises, that could drag the pound down; if it shows a healthy labour market, that could push it higher.
Bank of England Governor Bailey said he would continue to adopt a “gradual and cautious” interest rate cut strategy, reflecting a cautious stance amid heightened market volatility. The statement was interpreted by the market as hawkish, which helped support the pound. Britain is not a target of Trump’s new tariff policy, and the market believes that the US-UK trade relationship is relatively friendly, which has boosted the British stock market and the pound.
The fact that the UK is not affected by Trump’s steel and aluminium tariffs is a positive for the pound, but this week’s jobs data will be key. If unemployment rises in April, it could undermine sterling’s gains. The market is positive about the Bank of England’s cautious monetary policy stance, believing that this will help the pound maintain its strength in the short term.
On the daily chart,
GBPUSD is temporarily capped by the 1.35877 price level of the 0.618% Fibonacci extension and the overall technical outlook remains overwhelmingly bullish.Key supports are seen by the rising price channel and the EMA21, while the bullish RSI has yet to reach overbought levels, suggesting that there is still plenty of room for GBP/USD to move higher in terms of momentum. As long as GBP/USD remains within the price channel, it will remain bullish in the short term, and once GBP/USD breaks above 1.35911, which is the nearest horizontal resistance, it will be eligible to continue its technical rise towards the next target around 1.37104 in the short term.
During the day, the bullish outlook of GBP/USD will be noticed by the following technical positions.
Support: 1.35015 – 1.34441
Resistance: 1.35877 – 1.35911
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🧩Consulting on Risk Management
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🧩Forex signals have a high win rate
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