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Pound unstable amid anticipation of news events

Pound unstable amid anticipation of news events | 08 April 2024

08 April 2024, GBP/USD

Pound unstable amid anticipation of news events

GBPUSD:

The GBP/USD pair managed to hold above the 1.2600 mark on Monday. The pair is now trading close to the 1.2630 price level.

The latest US employment data from the Nonfarm Payrolls (NFP) report for March came as a pleasant surprise, exceeding economists' expectations by 303 thousand jobs. This impressive figure prompted investors to adjust forecasts for a possible interest rate cut by the Federal Reserve (Fed) in June, which could increase the number of rate cuts to two in 2024. This scenario supports high US Treasury bond yields, which in turn could put pressure on GBPUSD, strengthening the dollar's position in the market.

Negative risk sentiment, despite easing geopolitical tensions in the Middle East, is weighing on the higher-yielding Pound, while the US Dollar is struggling for resilience amid market nervousness ahead of Wednesday's US Consumer Price Index (CPI) data.

Trading recommendation: Trade with buy orders when the price reaches 1.2650. Sell to the price level of 1.2605.

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David Johnson
Analyst of «FreshForex» company
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