GBP/USD gains traction above 1.2500, Fed keeps rates steady
01.05.2024, 23:12

GBP/USD gains traction above 1.2500, Fed keeps rates steady

  • GBP/USD trades on a stronger note around 1.2535 amid the weaker USD on Thursday. 
  • The Fed maintained rates unchanged in a 5.25%–5.50% range, as widely expected. 
  • Financial markets expect the Bank of England (BoE) to cut borrowing costs in the June or August meetings. 

The GBP/USD pair gains traction near 1.2535 on Thursday during the early Asian session. The uptick of the major pair is supported by the sharp decline of the US Dollar (USD) after the US Federal Reserve (Fed) left its interest rate unchanged. 

As widely anticipated, the US central bank kept its benchmark rate in a target range of 5.25%–5.50% at its May meeting on Wednesday, its highest level in more than two decades. The US Fed did not expect it would be appropriate to cut the interest rate until the central bank gain greater confidence that inflation was moving sustainably to its 2% target. 

Furthermore, Fed Chair Jerome Powell said during the press conference, “I think it’s unlikely that the next policy rate move will be a hike.” These comments spark a modest dovish reaction in the markets, which weighs on the Greenback and creates a tailwind for the GBP/USD pair. Amidst the persistence of elevated inflation and the robust economy, financial markets see only one rate cut in November, according to the CME FedWatch. The central bank has also announced that it will now reduce its bond portfolio more slowly. The Fed will reduce their monthly holdings in US Treasury securities from $60 billion to $25 billion, starting in June

On the other hand, investors expect the Bank of England (BoE) to cut borrowing costs in the June or August meetings, as BoE Governor Andrew Bailey said he is confident that headline inflation will return to 2% in April. However, BoE Chief Economist Huw Pill warned last week that there were greater risks from cutting the interest rate too quickly, rather than too late. His remarks provide some support for the Pound Sterling (GBP).

GBP/USD

Overview
Today last price 1.2534
Today Daily Change 0.0042
Today Daily Change % 0.34
Today daily open 1.2492
 
Trends
Daily SMA20 1.2513
Daily SMA50 1.262
Daily SMA100 1.2649
Daily SMA200 1.2553
 
Levels
Previous Daily High 1.2564
Previous Daily Low 1.249
Previous Weekly High 1.2542
Previous Weekly Low 1.23
Previous Monthly High 1.2709
Previous Monthly Low 1.23
Daily Fibonacci 38.2% 1.2518
Daily Fibonacci 61.8% 1.2536
Daily Pivot Point S1 1.2467
Daily Pivot Point S2 1.2442
Daily Pivot Point S3 1.2393
Daily Pivot Point R1 1.2541
Daily Pivot Point R2 1.259
Daily Pivot Point R3 1.2615

 

 

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