GBPUSD: SELL 1.3425, SL 1.3525, TP 1.3225 | 29 May 2025

Event to pay attention to today:

21:00 EET. USD - FOMC Meeting Minutes

GBPUSD:

GBP/USD trimmed recent gains from the 1.3600 mark on Tuesday after the pair hit new multi-year highs this week.

The likelihood that the Bank of England (BoE) will cut rates as often as many expected at the start of the year has diminished, helping the Pound rise to its highest levels against the US Dollar since the start of 2022.

US President Trump recently suggested on social media that he would impose an additional 50 per cent tariffs on all imports from the European Union (EU) from 1 June. However, President Trump has already withdrawn his threat to impose tariffs, following a pattern that is becoming increasingly familiar to investors, and has moved the deadline for the imposition of 50 per cent EU tariffs to 9 July.

The rest of the week will be eventful in the US. On Wednesday, the minutes of the latest Federal Reserve (Fed) meeting will be released, and on Thursday, US gross domestic product (GDP) growth data for the first quarter will be released. Friday will close the trading week with the publication of the US Personal Consumption Expenditure (PCE) price index for April.

Trading recommendation: SELL 1.3425, SL 1.3525, TP 1.3225

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