27 November 2024, GBP/USD
Event to watch out for today:
15:30 EET. USD - Unemployment Claims
GBPUSD:
The Pound-Dollar pair is trading on a stronger note near 1.2570 on Wednesday in the early European session. The Pound Sterling (GBP) is strengthening despite US President-elect Donald Trump announcing new tariff measures. Traders are awaiting the release of October's Core PCE (US Personal Consumption Expenditure) price index to give it a fresh boost.
Early Tuesday, Donald Trump promised to impose tariffs on all goods imported into the US from Canada, Mexico and China, which led to the dollar's rally against the pound sterling in the previous session. The dollar's rally will pause on Wednesday as traders await US core PCE inflation data for more information on the outlook for interest rates. Meanwhile, the U.S. Dollar Index (DXY), which measures the value of the dollar against a basket of currencies, is currently trading near the lower end of its weekly range around 106.85.
Most Bank of England (BoE) policymakers support a gradual approach to policy easing. Bank of England Deputy Governor Claire Lombardelli said on Tuesday that she needed to see more evidence of cooling price pressures before she would support another interest rate cut. The betting that the UK central bank will cut interest rates next month is providing some support for the British pound at the moment.
Trading recommendation: Watch the level of 1.2550, if consolidated below consider Sell positions, if rebounded consider Buy positions.
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