GBPUSD: BUY 1.3280, SL 1.3150, TP 1.3480 | 21 Abril 2025

GBPUSD:

The GBP/USD pair continues its upward momentum from 8 April, trading near 1.3280 during the Asian session on Friday. The pair is supported by a weakening US Dollar (USD) amid growing concerns over the economic impact of tariffs on the US.

The dollar found some support after remarks from Federal Reserve Chairman Jerome Powell, who warned that a sluggish economy coupled with robust inflation could call into question the Fed's dual mandate and increase the risk of stagflation.

On the data front, the US Department of Labour reported that initial jobless claims for the week ended April 12 fell to 215,000, ahead of expectations, from a revised 224,000 in the previous week. However, jobless claims for the week ended 5 April rose by 41,000 to 1.885 million.

UK economic data is showing signs of resilience, with wage growth and improving GDP figures. However, weakening inflation is fuelling expectations of a rate cut by the Bank of England (BoE). March's consumer price index slowed to 2.6% year-on-year, below forecasts, while monthly inflation fell to 0.3%. Core services inflation, the Bank of England's key indicator, fell to 4.7%.

Trading recommendation: BUY 1.3280, SL 1.3150, TP 1.3480

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