GBP/USD edged up by 0.25% in Friday’s Asian session, nearing 1.3450, after upbeat UK retail sales and consumer confidence data lifted sentiment. The GfK index rose to -20 in May, beating forecasts, while April retail sales surprised to the upside.
However, PMI data showed divergence as manufacturing fell to 45.1 (vs. 46.0 expected), while services ticked up to 50.2 from 49.0.
The pound also benefited from a weaker U.S. dollar as Treasury yields retreated from 19-month highs. Trump’s budget bill, which includes tax breaks on tips and U.S.-made car loans, passed narrowly and is projected to add $3.8 billion to the deficit.
Resistance is at 1.3470, followed by 1.3550 and 1.3700. Key support lies at 1.3250, then 1.3150 and 1.3000.
However, PMI data showed divergence as manufacturing fell to 45.1 (vs. 46.0 expected), while services ticked up to 50.2 from 49.0.
The pound also benefited from a weaker U.S. dollar as Treasury yields retreated from 19-month highs. Trump’s budget bill, which includes tax breaks on tips and U.S.-made car loans, passed narrowly and is projected to add $3.8 billion to the deficit.
Resistance is at 1.3470, followed by 1.3550 and 1.3700. Key support lies at 1.3250, then 1.3150 and 1.3000.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.