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GBPUSD:
The GBP/USD pair demonstrated notable strength on Thursday, rising by half a percentage point to surpass 1.2900. The key price target of 1.3000 remains elusive for Pound traders, but the ongoing battle against a downward pullback is resuming.
UK Prime Minister Keir Starmer has expressed concerns over the potential negative impact of US tariffs on the UK economy, while reiterating the commitment of politicians to counteracting what he sees as the imbalanced nature of global trade policy under the leadership of US President Donald Trump. Prime Minister Starmer’s comments echoed similar sentiments expressed by Canadian Prime Minister Mark Carney, as most former US trading partners become increasingly hostile in trade negotiations with the Trump administration.
On Thursday, the release of US GDP growth data is scheduled, although this unofficial data is not expected to significantly influence the current trade dynamics. The key US data release this week will be the Personal Consumption Expenditure (PCE) price index, scheduled for release on Friday. Investors are hoping that the recent rise in inflation will be temporary, but median forecasts expect PCE inflation to rise to 2.7 per cent year-on-year in February.
Trading recommendation: SELL 1.2915, SL 1.2980, TP 1.2830
Origin: FreshForex
