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FOREX: GBPUSD Extends Gains Towards 1.25 and 50-day EMA

FOREX
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  • GBP outperformance stands out across G10 FX on Friday, with the diverging PMI data today assisting Cable back to levels just shy of 1.2500, and a two-week high for the pair. Overall, it appears a bullish corrective cycle in GBPUSD continues to play out and today’s advance reinforces current conditions.
  • Very moderate softening of tariff rhetoric overnight continues to keep major equity indices at elevated levels, bolstering the most recent relief rally for the pound.
  • GBPUSD has narrowed the gap substantially to the 50-day EMA, at 1.2522 and an important resistance, while the medium-term trend does remain bearish. Relative strength has also allowed EURGBP to dip 0.25% to 0.8411, while despite the lower US yields propping up the yen in recent trade, GBPJPY is pressing session highs above 194.50.
  • There are no speeches on the calendar from any BOE officials this weekend, however, Laura Kuenssberg will host Chancellor Rachel Reeves on the usual Sunday morning slot on BBC TV.
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  • GBP outperformance stands out across G10 FX on Friday, with the diverging PMI data today assisting Cable back to levels just shy of 1.2500, and a two-week high for the pair. Overall, it appears a bullish corrective cycle in GBPUSD continues to play out and today’s advance reinforces current conditions.
  • Very moderate softening of tariff rhetoric overnight continues to keep major equity indices at elevated levels, bolstering the most recent relief rally for the pound.
  • GBPUSD has narrowed the gap substantially to the 50-day EMA, at 1.2522 and an important resistance, while the medium-term trend does remain bearish. Relative strength has also allowed EURGBP to dip 0.25% to 0.8411, while despite the lower US yields propping up the yen in recent trade, GBPJPY is pressing session highs above 194.50.
  • There are no speeches on the calendar from any BOE officials this weekend, however, Laura Kuenssberg will host Chancellor Rachel Reeves on the usual Sunday morning slot on BBC TV.