GBPUSD: SELL 1.3190, SL 1.3280, TP 1.3010 | 18 Abril 2025

Event to pay attention to today:

15:30 EET. USD - Unemployment Claims

GBPUSD:

GBP/USD broke its seven-day winning streak, slipping to 1.3230 in the Asian session on Thursday after retreating from a six-month high of 1.3292 reached on Wednesday.

The US Dollar Index (DXY) is trading above 99.60 at the time of writing, supported by stronger-than-expected consumer spending data for March. US retail sales rose 1.4% in March, beating February's 0.2% increase and the forecast of 1.3%.

The Pound Sterling (GBP) is under pressure after softer than expected UK Consumer Price Index data for March. Core inflation rose 2.6% year-on-year, lower than the 2.7% expected and February's 2.8% reading. The core consumer price index, which excludes food, energy, alcohol and tobacco, rose 3.4% - in line with forecasts but slightly lower than the 3.5% previously. The monthly core CPI rose 0.3%, falling short of forecasts and the previous reading of 0.4%.

Notably, services inflation - a key indicator for the Bank of England (BoE) - fell to 4.7% from 5.0%, reinforcing expectations of a potential rate cut at the Bank of England's May meeting.

Trading recommendation: SELL 1.3190, SL 1.3280, TP 1.3010

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