Technical Analysis
The pound softened ahead of Thursday's Bank of England (BoE) meeting, with the possibility of a rate cut in June hovering near 50% odds.
The GBP/USD currency pair experienced a 0.30% decline, reaching 1.2520 and slipping below recent lows.
The USD/JPY pair experienced a significant 0.6% increase on Monday, albeit with potential limitations on further upside movement expected before the release of key U.S. economic data on May 15th
GBP/USD saw an upward movement recently but struggled to maintain momentum, particularly evident in its failure to close above the 200-day SMA.
The EUR/USD currency pair opened trading near the 1.0700 level, with the most recent transaction occurring at 1.0725.
The recent market movements in the EUR/USD pair reflect a complex interplay of economic indicators and central bank communications.
The recent trading activity in GBP/USD indicates a downward trend, evidenced by a 0.5% decline and a test of the critical support level at 1.25.
The EUR/USD currency pair exhibits a moderate increase to 1.0728 following the release of US GDP data
USD/JPY exhibits heightened volatility within a wide range of 155.15-160.20
Following the US GDP data release, the EUR/USD currency pair experienced a moderate rise to 1.0728, signaling a positive market reaction.