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24 February 2025,02:28
Trade Of The Day
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24 February 2025, 02:28
* Data Delight: The British pound strengthened against the U.S. dollar following positive UK retail sales data. Official figures from the Office for National Statistics revealed that UK retail sales jumped 1.7% in January on a monthly basis, far exceeding analysts’ forecasts of 0.3%. This growth was primarily driven by a 5.6% increase in food sales compared to December, the largest rise since March 2020. The surge was attributed to higher supermarket sales and greater demand at specialist food retailers such as bakeries and butcher shops. Additionally, the UK Services PMI unexpectedly climbed to 51.1 in February from 50.9 in January, further bolstering market sentiment.
* Technical Breakout: GBPUSD was traded higher while currently testing the resistance level 1.26700. MACD which illustrate diminishing bearish momentum 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 1.28100 after it breaks above the level 1.26700. Conversely, a potential reversal is also to be expected and the price could head back towards 1.25000.
Looking ahead, traders will closely monitor key U.S. data, including CB Consumer Confidence, GDP, and the Fed’s preferred inflation gauge, the Core PCE Price Index, for further direction.
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Stay updated on US and UK data, global market updates, central bank updates and any shifts in the US Dollar’s strength by following PU Xtrader’s financial news page.
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28 February 2025, 02:09 Euro Declines Under Tariff Pressure
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