GBPUSD: SELL 1.3535, SL 1.3635, TP 1.3335 | 10 June 2025
10 June 2025, GBP/USD
GBPUSD:
The GBP/USD pair rose during the Asian session on Monday and so far appears to have paused its corrective decline from the highest level since February 2022 around 1.3615 reached last week.
The US Dollar (USD) failed to capitalize on Friday's positive US jobs data and started the new week on a subdued note, which in turn is seen as a key factor supporting the GBP/USD pair. Moreover, Bank of England (BoE) Governor Andrew Bailey's remarks last week that the central bank would take a gradual and cautious approach to interest rate cuts amid trade uncertainty served as a tailwind for the currency pair.
Meanwhile, a stronger-than-expected US Non-Farm Payrolls (NFP) report dampened hopes that the Federal Reserve (Fed) will cut rates soon this year. This is deterring dollar bears from new bets and limiting GBP/USD's upside.
On Monday, there will be no market-important economic data released from either the UK or the US, leaving the GBP/USD pair at the mercy of dollar price action.
Trading recommendation: SELL 1.3535, SL 1.3635, TP 1.3335
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