GBPUSD: BUY 1.2650, SL 1.2620, TP 1.2730 | 25 Febrero 2025

GBPUSD:

The Pound-Dollar pair starts the new week on a positive note and rises above the mid-1.2600s during the Asian session, approaching the more than two-month high reached on Friday. The dollar fell to a more than two-month low amid concerns over the health of US consumers.

The British Pound (GBP), on the other hand, continues to receive support from Friday's UK retail sales data, which rose 1.7% in January compared to an upwardly revised -0.6% in the previous month. In addition, the UK services PMI unexpectedly rose to 51.1 in February from 50.9 in the previous month. This largely overshadowed the fall in the UK manufacturing PMI to a 14-month low of 46.4 in February.

GBP/USD, meanwhile, seems unaffected by the Bank of England's (BoE) gloomy outlook and remains at the mercy of USD price action. In the absence of any market-important economic releases, the fundamental backdrop suggests that the path of least resistance for spot prices remains to the upside. This, in turn, supports the prospects for continuation of the established uptrend seen over the last month or so.

Trading recommendation: BUY 1.2650, SL 1.2620, TP 1.2730

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