• GBP/USD strengthened on Wednesdays the greenback extended its losses against other currencies after weaker-than-expected U.S. consumer inflation data bolstered the case for Federal Reserve easing
• U.S. data on Tuesday showed the consumer price index increased by 0.2% last month, below expectations of a 0.3% gain.
• The UK is set to release its Gross Domestic Product (GDP) data on Thursday, covering both the month of March and the first quarter (Q1) of 2025.
• The figures will provide a comprehensive snapshot of the country’s economic performance, highlighting key trends in consumer spending, business investment, industrial output, and trade.
• Markets and analysts will closely examine the data for signs of resilience or weakness in the British economy amid ongoing global uncertainties, including geopolitical tensions
• Immediate resistance is located at 1.3413(23.6%fib), any close above will push the pair towards 1.3446(higher BB)
• Strong support is seen at 1.3231(April 24th low) and break below could take the pair towards 1.3149(38.2%fib).
Recommendation: Good to buy around 1.3320, with stop loss of 1.3180 and target price of 1.3400
