GBP/USD gathers fresh upside traction and approaches 1.2400.The greenback accelerates losses and trades closer to 102.00.
Further losses in the greenback allow GBP/USD to pick up extra pace and reach the 1.2380 region, or multi-week highs, on Thursday.GBP/USD stronger on USD-selling
GBP/USD sees its upside pressure intensify on the back of the persistent selling pressure in the greenback and the solid improvement in the risk complex on Thursday. The marked knee-jerk in the dollar came in response to higher-than-expected inflation figures in Germany, which could reinforce the case for further tightening by the ECB as soon as at the May gathering.
In the meantime, price action around the British pound appears underpinned by the better tone among its risk-linked peers, while the continuation of the hiking cycle by the BoE should offer some extra support to the quid despite the “Old Lady” could be approaching its peak on rates.
There were no data releases across the Channel on Thursday, while US GDP Growth Rate expanded below consensus 2.6% YoY in Q4 and Initial Jobless Claims rose by 198K in the week to March 25.
GBP/USD levels to consider
As of writing, the pair is gaining 0.40% at 1.2361 and the breakout of 1.2380 (monthly high March 30) would open the door to 1.2447 (2023 high January 23) and then 1.2666 (monthly high May 27 2022). On the other hand, the next support emerges at 1.2160 (55-day SMA) followed by 1.2010 (weekly low March 15 and finally 1.1892 (200-day SMA).
EUR/USD trims gains after reaching weekly highs at 1.0925
EUR/USD peaked at 1.0925 on Thursday, the highest level in a week, then retreated to the 1.0900 area. The pair is holding on to strong daily gains, on its way to the highest daily close since early February, supported by a weaker US Dollar ahead of Friday’s US Core PCE data.
GBP/USD eyes 1.2400 as Pound outperforms
The Pound is among the top performers of the American session. GBP/USD is trading at the highest level in almost two months, near 1.2400. Risk flows are helping the pair while at the same time making it difficult for the US Dollar to find demand.
Gold: Bulls aiming to challenge the $2,000 threshold
Spot Gold found demand during American trading hours and currently trades around the $1,980 level. Following a consolidative stage, the bright metal gained upward traction on the back of continued US Dollar weakness.
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