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22 January 2025,02:19
Trade Of The Day
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22 January 2025, 02:19
* Wrong Footing: The pound sterling gained against the US dollar after President Trump made new remarks on tariffs. On Monday, the US dollar saw a sharp decline, losing over 1% on the index. This drop followed the revelation that tariffs were excluded from the executive orders President Trump signed during his first hours in office. Markets had misinterpreted the situation, assuming the tariff stance had eased and implementation would be significantly delayed. However, later that day, President Trump clarified that a 25% tariff on imports from Canada and Mexico would be implemented at the start of February, triggering swift market responses.
* Technical Breakout: GBPUSD was traded higher following prior breakout above the previous resistance level 1.23100. MACD which illustrate bullish bias signal suggest the pair to likely extend its gains.
* Resistance and Support: If the bullish momentum persists, there’s a strong likelihood that the price will potentially head towards the level 1.25000. Conversely, a potential reversal is also to be expected and the price could head back towards 1.20950 after it breaks back below the level 1.23100.
Looking ahead, market attention is likely to continue to center on Donald Trump’s policy updates, as traders assess their potential impact on the U.S. economy and the dollar. On the economic front, the calendar is relatively light, but key U.S. data such as Initial Jobless Claims and S&P Global PMI figures will still draw focus.
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Stay updated on US data, Trump updates, global market updates, central bank updates and any shifts in the US Dollar’s strength and any shifts in the US Dollar’s strength by following PU Xtrader’s financial news page.
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28 January 2025, 02:27 Euro Weakens as Markets React to New Tariff Warnings
27 January 2025, 02:29 USD/JPY Declines Following BoJ Rate Increase
24 January 2025, 02:33 New Zealand Kiwi Rose As China Unveils Stimulus Measure
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