GBP/USD Stuck Between Fed Policy and BoE Decision
The USD Index (DXY) remains near its weekly low as expectations grow for further Fed monetary easing. Tuesday’s JOLTS report signaled a cooling US labor market, increasing speculation of rate cuts despite inflation concerns.
Global sentiment is positive after President Trump delayed tariffs on Canadian and Mexican imports, easing trade war fears. This risk-on mood weakens the USD’s safe-haven appeal while supporting GBP/USD. However, lingering US-China trade tensions and the Fed’s hawkish stance limit USD losses, keeping GBP/USD gains in check.
Traders await Thursday’s BoE policy meeting with key resistance levels at 1.2500, 1.2600, and 1.2650. Support stands at 1.2340, followed by 1.2265 and 1.2100.
Global sentiment is positive after President Trump delayed tariffs on Canadian and Mexican imports, easing trade war fears. This risk-on mood weakens the USD’s safe-haven appeal while supporting GBP/USD. However, lingering US-China trade tensions and the Fed’s hawkish stance limit USD losses, keeping GBP/USD gains in check.
Traders await Thursday’s BoE policy meeting with key resistance levels at 1.2500, 1.2600, and 1.2650. Support stands at 1.2340, followed by 1.2265 and 1.2100.
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