GBPUSD | Perspective for the new week | Follow-upThis video dissects the recent market trends and economic data that have been impacting the Pound Sterling and the US Dollar.
Last Friday, data revealed a positive turn in UK house prices for May, following a couple of months of decline. However, all eyes were on the report on US inflation, which significantly influenced price movements. The Pound Sterling (GBP) demonstrated signs of recovery, particularly after the monthly United States core Personal Consumption Expenditure Price Index (PCE) data for April fell short of expectations. With underlying inflation growing at a slower rate than anticipated.
Additionally, the downwardly revised GDP estimates have weighed on the US Dollar and increased the speculation on the likelihood of the Fed reducing interest rates in September, with estimates surpassing the 50% mark.
Shifting focus to the United Kingdom, the survey of economic outlook conducted by Lloyds Bank highlighted easing price pressures and strong expectations surrounding the Bank of England (BoE) potentially initiating interest rate reductions earlier than anticipated hereby bolstering business optimism.
In this video, we navigated the current market dynamic to unravel the potential direction of price action in the coming week as market participants digest the implications of the economic data from both economies
GBPUSD Technical Analysis:
Will the pound hold above $1.27000? Watch this video for key trades this week. We analyze trends and levels for market insights. Join the discussion for updates on GBP/USD trading. Stay tuned for more content. Happy trading!
Disclaimer Notice:
Trading in the foreign exchange market and other instruments carries high risk and may not be suitable for all investors. The content provided here is for educational purposes only. Evaluate your financial situation and consult with a financial advisor before making any investment decisions. Past performance is not indicative of future results.
