GBPUSD: BUY 1.3270, SL 1.3140, TP 1.3470 | 17 Abril 2025

Event to pay attention to today:

15:30 EET. USD - Retail Sales

20:30 EET. USD - Federal Reserve Chairman Jerome Powell Speaks

GBPUSD:

The GBP/USD pair continues its winning streak that began on 8 April, trading around 1.3250 during Wednesday's Asian session. Earlier in the day, it hit a fresh six-month high at 1.3256.

On Tuesday, UK labour market data showed that the unemployment rate was unchanged at 4.4% in February, matching expectations.

The Bank of England has refrained from easing monetary policy, citing continued wage growth. However, interest rate futures indicate that markets have already factored in a 90 per cent chance of a rate cut in May, as well as expectations of two additional cuts this year.

All eyes are now on the UK Consumer Price Index (CPI) data for March, due for release later on Wednesday.

Meanwhile, the US Dollar Index (DXY), which measures the US Dollar against a basket of six major currencies, is trading below 99.80. Later in the day, attention will focus on US retail sales data for March, which could provide new insights into the impact of tariff concerns on consumer behaviour.

Trading recommendation: BUY 1.3270, SL 1.3140, TP 1.3470

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