GBPUSD: BUY 1.2500, SL 1.2450, TP 1.2550 | 13 February 2025

Events to pay attention to today:

09:00 EET. GBP - Gross Domestic Product

15:30 EET. USD - Unemployment Claims

GBPUSD:

The GBP/USD pair has been trading around the 1.2450 mark, moving near the technical average on the chart as traders await the latest UK Gross Domestic Product (GDP) growth data.US Consumer Price Index (CPI) inflation accelerated in January, and markets will be watching Thursday's Producer Price Index (PPI) release for signs of further inflationary factors to be passed on to consumers.

On Thursday, the UK's preliminary GDP for the fourth quarter of 2024 will be released, with the average market forecast predicting an annualised growth rate increase to 1.1%, up from the previous figure of 0.9%. However, excluding the overall improvement, a -0.1% QoQ contraction is forecast for the fourth quarter versus the previous flat reading of 0.0%.In the US, PPI inflation will once again be under scrutiny on Thursday. The US Consumer Price Index accelerated in January, with core inflation rising to 3.0% y/y against expectations of holding at 2.9%. The majority of this increase occurred in the near tail, with the CPI CPI rising by 0.5% for the month. Market expectations for core CPI were 0.3%, compared to the latest reading of 0.4%.On Thursday, market analysis will focus on US core PPI inflation, which is expected to fall slightly to 3.3% y/y from 3.5%, according to average market forecasts. However, Wednesday's rise in inflation has led investors to fear that US inflation is becoming more deeply entrenched in the US economy.

Trading recommendation: GBPUSD: BUY 1.2500, SL 1.2450, TP 1.2550

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