GBP/USD Price Analysis: Acceptance above 23.6% Fibo. favors bulls ahead of US Q1 GDP
די GBP / USD פּאָר קאַנסאַלאַדייץ זיין שטאַרק אָפּזוך גיינז רעגיסטרירט אין די לעצטע צוויי טעג, פֿון די 1.2300 מארק אָדער די YTD נידעריק שטעלן פריער די וואָך און אַסאַלייץ אין אַ קייט בעשאַס די אַסיאַן סעסיע אויף דאנערשטאג. ספּאָט פּרייסאַז האַנדל איצט לעבן די 1.2465 געגנט, אַנטשיינדזשד פֿאַר דעם טאָג ווי טריידערז דערוואַרטן מער קיוז וועגן די פעדעראלע רעסערווע ס (Fed) קורס-שנייַדן דרך איידער פּלייסינג פריש דירעקטיאָנאַל בעץ.
Hence, the focus will remain glued to important US macro data – the Advance Q1 GDP report later today and the Personal Consumption Expenditures (PCE) Price Index on Friday. In the meantime, expectations that the Fed will delay cutting interest rates in the wake of sticky inflation continue to act as a tailwind for the US Dollar (USD). Apart from this, speculations about more aggressive policy easing by the Bank of England (BoE) undermine demand for the British Pound (GBP) and act as a headwind for the GBP/USD pair. Read more…
GBP/USD snaps the two-day winning streak above 1.2450, eyes on US GDP data
The GBP/USD pair snaps the two-day winning streak near 1.2460 amid the modest rebound of the US Dollar (USD) on Thursday during the early Asian session. The release of the US Gross Domestic Product (GDP) for the first quarter (Q1) will take center stage on the day. Also, the usual weekly Initial Jobless Claims and Pending Home Sales will be due.
On Wednesday, US Durable Goods Orders improved by 2.6%, or $7.3 billion, to $283.4 billion in March, compared to the 0.7% increase (revised from 1.4%) in February. The increase in overall orders was the biggest since November 2023, according to the US Census Bureau. Meanwhile, Durable Goods Orders ex-transportation increased by 0.2%, while new orders excluding defense rose 2.3% in March. Both figures came in weaker than expected. Nonetheless, these reports did not have a significant impact on the US Dollar Index (DXY). Read more…
Source: https://www.fxstreet.com/news/pound-sterling-struggles-to-attract-follow-through-buying-202404250504