05 December 2024, GBP/USD
Event to pay attention to today:
15:30 EET. USD - Unemployment Claims
GBPUSD:
The GBP/USD pair traded with a slight positive bias for the third consecutive day and held just above the 1.2700 mark during the Asian session on Thursday. However, spot prices lack bullish confidence and remain below the weekly high reached on Monday.
The US Dollar (USD) continues to consolidate sideways as traders prefer to take a wait-and-see approach ahead of the release of the US Non-Farm Payrolls (NFP) report on Friday. This, in turn, is seen as a key factor acting as a tailwind for the GBP/USD pair.
Investors are convinced that US President-elect Donald Trump's tariff plans and expansive policies will boost inflation.
In addition, persistent geopolitical risks associated with the escalating Russia-Ukraine conflict and trade war fears are supporting the safe-haven dollar.
Traders are now eagerly awaiting the release of the UK construction PMI to give it a boost ahead of the usual weekly initial jobless claims data from the US, which will be released later in the early North American session. However, the immediate market reaction is likely to be limited.
Trading recommendation: Watch the level of 1.2740, when fixing above consider Buy positions, when rebounding consider Sell positions.
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