GBPUSD Insight

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Key Points
- Ukrainian President Volodymyr Zelensky stated on X (Twitter) that he had a productive discussion with U.S. envoy Keith Kellogg.
- U.S. weekly initial jobless claims came in at 219,000, exceeding the market forecast of 215,000.
- U.S. Treasury Secretary Scott Bessent mentioned that it is premature to increase the proportion of long-term bonds while noting that tariffs have already been partially factored into the dollar.
- Maroš Šefčovič, the EU Executive Vice President for Trade and Economic Security, stated that the U.S. is open to discussing all aspects related to tariffs.
- Raphael Bostic, President of the Atlanta Fed, expects two 25bp rate cuts this year but acknowledged the presence of multiple variables.

Key Economic Events This Week
+ February 21: U.S. February Manufacturing PMI, U.S. February Services PMI

GBPUSD Chart Analysis
After breaking through the 1.25000 level, GBPUSD surged toward the anticipated resistance zone around 1.27000. It has since retreated to 1.25000, where it is expected to determine its next direction. However, if the pair manages to break above 1.27000, significant upside potential could open up, with the 1.31000 level emerging as a strong target.