GBPUSD: SELL 1.3495, SL 1.3595, TP 1.3295 | 04 Junio 2025

Event to pay attention to today:

17:00 EET. USD - JOLTs Job Openings

GBPUSD:

The GBP/USD pair attracted sellers during Tuesday's Asian session and broke part of a strong overnight move up towards the 1.3560 area, or multi-day peak.

The U.S. Dollar Index (DXY), which tracks the dollar against a basket of currencies, rebounded from a six-week low reached on Monday and proved to be a key factor putting downward pressure on the GBP/USD pair.

In addition, concerns over the deteriorating US fiscal situation and renewed trade tensions between the US and China should help limit USD gains. The British Pound (GBP), on the other hand, may continue to receive support from expectations that the Bank of England (BoE) will take a pause at its next meeting on June 18 and will not rush to cut interest rates further.

Traders may also prefer to wait for the hearing of the Bank of England's monetary policy report in Parliament. Investors will be closely watching comments from Bank of England Governor Andrew Bailey and other members of the Monetary Policy Committee (MPC) for information on the policy outlook, which in turn will influence the GBP exchange rate.

Trading recommendation: SELL 1.3495, SL 1.3595, TP 1.3295

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