GBP/USD climbs further beyond 1.3200, highest since October ahead of UK jobs data
The GBP/USD pair attracts buyers for the sixth straight day and climbs above the 1.3200 mark, hitting a fresh high since October 2024 during the Asian session on Tuesday. Moreover, the bearish sentiment surrounding the US Dollar (USD) suggests that the path of least resistance for spot prices remains to the upside.
Investors remain concerned about the potential economic fallout from the escalating US-China trade war. In fact, China increased its tariffs on US imports to 125% on Friday in retaliation to US President Donald Trump's decision to raise duties on Chinese goods to an unprecedented 145%. The US still imports several hard-to-replace materials from China and the development weakens confidence in the US economy, which, in turn, keeps the USD bulls on the defensive and lends support to the GBP/USD pair. Read more...
GBP/USD recovery rally continues uninterrupted for a fifth straight session
GBP/USD rose three-quarters of one percent on Monday, climbing for a fifth straight trading session as the Pound Sterling continues to reclaim ground against the softening Greenback. Despite the GBP’s firm run up the charts against the USD, challenges still lie ahead with key UK economic data on the release docket for this week.
UK labor data will be posted early during the Tuesday London market session. The ILO Unemployment Rate for the 3 months ended in February is expected to hold steady at 4.4%, and the Claimant Count Change for March is forecast to ease to 30.3K from February’s 44.2K. Read more...
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