- Trump’s effort for dismiss
- The inflation and employment data of the United Kingdom increase the bets for BOE cuts; Markets completely discount a cut in May, 85 basic points are expected in 2025
- The US Richmond Fed index falls to -13, highlighting the worsening of industrial perspectives and macroeconomic uncertainty
The sterling pound reverses its course after reaching a daily maximum of 1,3423 due to the concerns about the independence of the Federal Reserve (Fed), promoted by the hard comments of the US president, Donald Trump, against the president of the FED, Jerome Powell. At the time of writing, the GBP/USD is quoted at 1,3383, with an increase of 0.17%.
The GBP/USD goes back to 1,3354 while the fears of the independence of the Fed and the weak data of the United Kingdom generate a mixed feeling
Market participants continued to tell the comments of the Economic Advisor of the White House, Kevin Hassett, about the US president Donald Trump, looking for ways to dismiss Powell. This pushed the GBP/USD to test the peak of the year to date (YTD) before falling below 1,3400.
The United Kingdom inflation data, softer than expected, and a weak labor market had increased the possibilities that the Bank of England (BOE) could cut rates at the next May meeting. Swaps markets had completely discounted that cut, and 85 basic points towards the end of the year.
As for data, the United Kingdom’s agenda is empty, but the manufacturing index of the Richmond Fed was further deteriorated in the US, going from -4 to -13, its lowest level since November.
GBP/USD price forecast: technical perspective
From a technical perspective, the upward trend remains intact. However, the inability of buyers to achieve a daily closure above 1.34 could pave the way for a deeper setback, which could send the downward prices. The first support was observed in 1,3300, followed by the minimum of 1,3202 of April 7.
A break of 1,3400 will sponsor the maximum YTD of 1,3423, with a key resistance located above 1.35.
LIBRA ESTERLINA PRICE TODAY
The lower table shows the percentage of pounding sterling (GBP) compared to the main currencies today. Libra sterling was the strongest currency against the Swiss Franco.
| USD | EUR | GBP | JPY | CAD | Aud | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.24% | -0.06% | -0.14% | -0.04% | 0.34% | 0.01% | 0.40% | |
| EUR | -0.24% | -0.31% | -0.40% | -0.31% | 0.05% | -0.24% | 0.15% | |
| GBP | 0.06% | 0.31% | -0.09% | -0.01% | 0.36% | 0.07% | 0.46% | |
| JPY | 0.14% | 0.40% | 0.09% | 0.09% | 0.45% | 0.22% | 0.59% | |
| CAD | 0.04% | 0.31% | 0.00% | -0.09% | 0.36% | 0.06% | 0.43% | |
| Aud | -0.34% | -0.05% | -0.36% | -0.45% | -0.36% | -0.31% | 0.09% | |
| NZD | -0.01% | 0.24% | -0.07% | -0.22% | -0.06% | 0.31% | 0.40% | |
| CHF | -0.40% | -0.15% | -0.46% | -0.59% | -0.43% | -0.09% | -0.40% |
The heat map shows the percentage changes of the main currencies. The base currency is selected from the left column, while the contribution currency is selected in the upper row. For example, if you choose the sterling pound from the left column and move along the horizontal line to the US dollar, the percentage change shown in the box will represent the GBP (base)/USD (quotation).
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
