GBP/USD trades with mild gains above 1.2700, focus on US PCE data

Source Fxstreet
  • GBP/USD trades with a mild positive bias around 1.2730 on the softer USD on Friday. 
  • The US economy grew at an annualized pace of 1.3% in Q1 versus 1.6% prior. 
  • Markets pared bets on the BoE June rate cuts as the UK April CPI eased at a slower pace than estimates.

The GBP/USD pair edges higher near 1.2730 during the early Asian session on Friday. The USD Index (DXY) faces some selling pressure, and this provides some support to the major pair. Investors will closely monitor the US Core Personal Consumption Expenditures Price Index (Core PCE) for April, which is due later on Friday. 

The US economy grew at a slower pace than initially thought during the first quarter (Q1). The second estimate of US Gross Domestic Product (GDP) showed the economy expanded at an annualized pace of 1.3% in Q1 from 1.6% in the previous reading, in line with market expectations, the Bureau of Economic Analysis reported Thursday.

Additionally, the US weekly Initial Jobless Claims for the week ending May 25 rose to 219K from the previous week of 216K, above the market consensus of 218K. Pending Home Sales dropped to -7.7% MoM in April from 3.6% in March. 

Many Federal Reserve (Fed) officials highlighted the need to keep borrowing costs higher for longer to curb persistently elevated inflation. This, in turn, might lift the Greenback and cap the upside for the pair. The US Core PCE, the Fed’s preferred inflation measure, is expected to show an increase of 0.3% MoM in April. This figure might offer some insight into the inflation trajectory. 

On the other hand, the expectation that the Bank of England (BoE) will start cutting the interest rate from the August meeting might weigh on the Pound Sterling (GBP). Nonetheless, investors lowered their bets on June rate cuts as the UK Consumer Price Index (CPI) report for April showed that price pressures eased at a slower pace than estimates.

GBP/USD

Overview
Today last price 1.2729
Today Daily Change 0.0028
Today Daily Change % 0.22
Today daily open 1.2701
 
Trends
Daily SMA20 1.2635
Daily SMA50 1.2581
Daily SMA100 1.2634
Daily SMA200 1.2541
 
Levels
Previous Daily High 1.2772
Previous Daily Low 1.2699
Previous Weekly High 1.2761
Previous Weekly Low 1.2676
Previous Monthly High 1.2709
Previous Monthly Low 1.23
Daily Fibonacci 38.2% 1.2727
Daily Fibonacci 61.8% 1.2744
Daily Pivot Point S1 1.2676
Daily Pivot Point S2 1.2651
Daily Pivot Point S3 1.2604
Daily Pivot Point R1 1.2749
Daily Pivot Point R2 1.2797
Daily Pivot Point R3 1.2821

 

 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Elon Musk is doing nothing to stop Tesla’s downfallTesla sales are collapsing worldwide, and Musk’s chaotic leadership and focus on political power plays are doing nothing to stop the downfall. The start of 2025 has been troubling, particularly in Europe, where Tesla saw a 45% drop in new registrations in January compared to the same period in 2024, with further declines in February. […]
Author  Cryptopolitan
Mar 24, Mon
Tesla sales are collapsing worldwide, and Musk’s chaotic leadership and focus on political power plays are doing nothing to stop the downfall. The start of 2025 has been troubling, particularly in Europe, where Tesla saw a 45% drop in new registrations in January compared to the same period in 2024, with further declines in February. […]
placeholder
Nvidia stock sinks 4% as Trump’s tariff plans rattle AI tradeNvidia shares fell over 4% early Monday after US President Donald Trump delivered a stern message about trade tariffs. Trump said on Sunday that no country would be given any special treatment regarding tariffs. He also signed new trade policies into effect on April 2, which he calls “Liberation Day.” This frightened investors, who had […]
Author  NewsBTC
Yesterday 01: 15
Nvidia shares fell over 4% early Monday after US President Donald Trump delivered a stern message about trade tariffs. Trump said on Sunday that no country would be given any special treatment regarding tariffs. He also signed new trade policies into effect on April 2, which he calls “Liberation Day.” This frightened investors, who had […]
placeholder
XRP Price Set For ‘Hot’ April With Low Fibonacci Levels And High $5-$8 TargetThe past 24 hours have been challenging for XRP holders. A sharp 5.8% decline in price has brought the asset close to testing critical support around $2, with selling pressure currently dominating XRP’s trading volume. The sentiment is turning bearish, but one analyst is confident in the cryptocurrency’s long-term trajectory, predicting that the altcoin is […]
Author  NewsBTC
Yesterday 01: 54
The past 24 hours have been challenging for XRP holders. A sharp 5.8% decline in price has brought the asset close to testing critical support around $2, with selling pressure currently dominating XRP’s trading volume. The sentiment is turning bearish, but one analyst is confident in the cryptocurrency’s long-term trajectory, predicting that the altcoin is […]
placeholder
PEPE Price Forecast: PEPE could rally to double digits if it breaks above its key resistance levelPepe (PEPE) memecoin approaches its descending trendline, trading around $0.000007 on Tuesday; a breakout indicates a bullish move ahead.
Author  FXStreet
20 hours ago
Pepe (PEPE) memecoin approaches its descending trendline, trading around $0.000007 on Tuesday; a breakout indicates a bullish move ahead.
placeholder
Gold price hits new all-time high ahead of Trump’s reciprocal tariffsGold price (XAU/USD) edges higher again for a second day this week and for the first day of the second quarter of 2025.
Author  FXStreet
15 hours ago
Gold price (XAU/USD) edges higher again for a second day this week and for the first day of the second quarter of 2025.
Related Instrument
goTop
quote