GBPUSD 27.05.2024
Macroeconomic News:
The GBP/USD pair continued its upward trend on Monday, trading around 1.2740, near its two-month high, supported by positive market sentiment. The University of Michigan's 5-year inflation expectations slightly decreased to 3.0%, lower than the forecast of 3.1%, weakening the USD and supporting the GBP/USD pair. According to the CME FedWatch Tool, the probability of the Federal Reserve cutting rates by 25 basis points in September has decreased to 44.9% from 49.0% a week ago. In the UK, annual inflation is gradually decreasing, nearing the Bank of England's (BoE) 2% target, reducing expectations for a rate cut in June.
Technical Analysis:
The GBP/USD pair is trading at 1.2742 on Monday, with a daily change of 0.0004 (0.03%). The 20-day Simple Moving Average (SMA) is at 1.2603, while the 50-day SMA is at 1.2581. The first resistance level is at 1.2767, followed by last week's high at 1.2761. If the pair surpasses these resistance levels, it could test higher levels such as 1.2797 and 1.2842. The first support level is at 1.2692, followed by the previous day's low at 1.2676. Conversely, if the pair declines, it may find support at 1.2646 and 1.2617.
The GBP/USD pair continued its upward trend on Monday, trading around 1.2740, near its two-month high, supported by positive market sentiment. The University of Michigan's 5-year inflation expectations slightly decreased to 3.0%, lower than the forecast of 3.1%, weakening the USD and supporting the GBP/USD pair. According to the CME FedWatch Tool, the probability of the Federal Reserve cutting rates by 25 basis points in September has decreased to 44.9% from 49.0% a week ago. In the UK, annual inflation is gradually decreasing, nearing the Bank of England's (BoE) 2% target, reducing expectations for a rate cut in June.
Technical Analysis:
The GBP/USD pair is trading at 1.2742 on Monday, with a daily change of 0.0004 (0.03%). The 20-day Simple Moving Average (SMA) is at 1.2603, while the 50-day SMA is at 1.2581. The first resistance level is at 1.2767, followed by last week's high at 1.2761. If the pair surpasses these resistance levels, it could test higher levels such as 1.2797 and 1.2842. The first support level is at 1.2692, followed by the previous day's low at 1.2676. Conversely, if the pair declines, it may find support at 1.2646 and 1.2617.
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