GBPUSD – Flat
GBPUSD:
The GBP/USD pair demonstrated bullish sentiment on Monday, rising from recent lows to 1.2650 as markets commenced the new trading week with an appetite for risk. The week ahead will see a dearth of key economic data, so those trading in the cable will be keeping an eye on important calendar releases that will not be released until later in the week. The US and UK gross domestic product (GDP) data are scheduled for release at the end of the trading week, followed by the US personal consumption expenditure (PCE) price index data on Friday.
The Tuesday release schedule is limited to averages, so markets will focus on statements from central bank policymakers. The Federal Reserve’s few comments on Monday caused a minor jitter in markets, and the same is expected on Tuesday.
On Monday, Federal Reserve Bank of San Francisco President Mary Daly observed that the 2024 inflation figures do not instil much confidence when viewed in aggregate, although recent data offers grounds for optimism. Fed Chair Daley’s comments followed those made earlier by Federal Reserve Bank of Chicago President Austan Goolsbee, who expressed optimism about further progress on inflation. He noted that Fed policy remains sufficiently restrictive.
Trading recommendation: Trade mainly with buy orders at the price level of 1.2700. We consider sell orders at the price level of 1.2660.
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