GBPUSD: SELL 1.2570, SL 1.2620, TP 1.2490 | 03 Marzo 2025

GBPUSD:

GBP/USD is down to the 1.2580 level at the start of the European session on Friday.

Late on Thursday, Trump met with UK Prime Minister Keir Starmer and President Trump was quick to say that trade tariffs could be imposed on the UK as well if the unclear terms of a trade deal with the US are not agreed within an undetermined timeframe. Investors will be keeping a close eye on developments around Trump's future policies. Any signs of escalating trade tensions could boost the US Dollar and create a headwind for GBP/USD.

Data released by the US Bureau of Economic Analysis (BEA) on Thursday showed that Gross Domestic Product (GDP) grew at an annualised rate of 2.3% in the fourth quarter (Q4). This figure matched the initial estimate and was in line with the market consensus.

Going forward, investors will be focused on the US PCE inflation data for January, due out on Friday. According to the CME FedWatch tool, markets are now pricing in a nearly 68% probability that the Fed will cut interest rates at the June meeting after holding them at the March and May meetings.

Trading recommendation: SELL 1.2570, SL 1.2620, TP 1.2490

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