GBP/USD's Journey After Hitting Target Zone: A Detailed Analysis
The GBP/USD pair, having met our projected zone at 1.2550, initiated a bullish surge in Tuesday's London session to counter yesterday's sharp decline. However, it may encounter resistance near the 1.2580 level before potentially resuming its bearish trajectory. The pair's appeal remains limited amid subdued market sentiment.
Traders have adjusted their expectations for the Federal Reserve's rate cuts, previously anticipated in June, extending the period of higher interest rates. This sentiment shift, driven by a robust US manufacturing sector and optimistic economic outlook, strengthens the US Dollar and weighs on the GBP/USD pair.
The US manufacturing sector's resilience reflects solid household spending, providing the Fed with leeway to delay rate cuts and assess inflation data further. Global markets await the US Bureau of Labor Statistics' Nonfarm Payrolls report for March, while the US JOLTS Job Openings data for February will precede it, drawing investor attention.
Amidst these dynamics, we anticipate a continuation of bearish sentiment in the GBP/USD pair.
Our Previous Forecast:
Traders have adjusted their expectations for the Federal Reserve's rate cuts, previously anticipated in June, extending the period of higher interest rates. This sentiment shift, driven by a robust US manufacturing sector and optimistic economic outlook, strengthens the US Dollar and weighs on the GBP/USD pair.
The US manufacturing sector's resilience reflects solid household spending, providing the Fed with leeway to delay rate cuts and assess inflation data further. Global markets await the US Bureau of Labor Statistics' Nonfarm Payrolls report for March, while the US JOLTS Job Openings data for February will precede it, drawing investor attention.
Amidst these dynamics, we anticipate a continuation of bearish sentiment in the GBP/USD pair.
Our Previous Forecast:
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