30 April 2024, GBP/USD
GBPUSD:
The GBP/USD pair is consolidating its gains near 1.2560 in the early Asian session on Tuesday. On Wednesday, the Federal Open Market Committee's (FOMC) interest rate decision will be a key focus ahead of the release of April non-farm payrolls (NFP) data on Friday.
Following the conclusion of the meeting on Wednesday, the US Federal Reserve (Fed) is anticipated to maintain its current interest rate levels, which have been elevated for over two decades. Investors will be guided by the tone of the meeting and the comments made by Fed Chairman Jerome Powell during the press conference. Financial markets currently anticipate that the Federal Reserve will implement only one interest rate reduction in 2024, down from the six quarter-point cuts that were anticipated at the beginning of the year.
The latest U.S. GDP growth data and better-than-expected inflation numbers may persuade the Fed that a longer rate hike is necessary to ensure inflation moves towards the central bank's 2% target. The Fed's more assertive approach could give the US Dollar a boost and limit the GBP/USD pair's near-term gains.
Conversely, the Pound Sterling (GBP) is gaining ground as Bank of England (BoE) policymakers offer conflicting views on the inflation outlook. In the absence of significant economic data releases from the UK, the US dollar price dynamics will continue to be a key factor influencing the GBP/USD pair.
Trading recommendation: Watch the level of 1.2540, trade from it on the rebound.
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