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The British pound is gaining momentum

The British pound is gaining momentum | 04 April 2024

04 April 2024, GBP/USD

The British pound is gaining momentumAn event to watch out for today:

11:30 EET. GBP - Composite PMI

15:30 EET. USD - Initial Jobless Claims Number

GBPUSD:

The GBP/USD pair is holding near the 1.2650 mark during the Asian session on Thursday. However, the US Dollar (USD) ran into trouble in the previous session following the release of mixed economic data from the United States (US), which showed stronger ADP Employment Change but weaker ISM Services PMI data.

The ADP employment change in the US increased by 184,000 in March, exceeding February's increase of 155,000 and beating the market consensus forecast of 148,000. Meanwhile, the ISM services PMI fell to 51.4 in March from 52.6 in February, falling short of the expected 52.7. In addition, remarks from Atlanta FRB President Rafael Bostic advocating a rate cut in the final quarter of 2024 drew attention. Adriana Kugler, a member of the Fed's Board of Governors, emphasized the ongoing disinflationary trend, suggesting that this will lead to the need for a rate cut. Rates are expected to be cut at least three times by the last quarter of 2024.

Global inflationary pressures appear to be easing, leading to speculation about possible interest rate cuts by central banks. Bank of England Governor Andrew Bailey recently stated that given further encouraging signs pointing to falling inflation, the UK economy is approaching a point where the central bank may initiate an interest rate cut.

Trading recommendation: Trade predominantly with Buy orders from the current price level.

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David Johnson
Analyst of «FreshForex» company
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