GBP/USD keeps soaring, with focus on 1.42 mark

GBP/USD keeps soaring, with focus on 1.42 mark

On Wednesday, the currency pair GBP/USD pair maintained its firm bid tone and in the last hour the pair managed to inch up to 1.4200.

Remarks from the US Treasury Secretary Steven Mnuchin, backing a weaker US dollar, kept applying downward pressure on the greenback and brought it to the lowest value for 3 years. 

Versus the backdrop of optimism over a favorable divorce with the European Union, the currency pair showed a firm up-move today, underpinned by better-than-anticipated British wage surge data.

As for the bulls, they took a breather close to the mark 1.4200, with excessively overbought conditions encouraging some profit-taking following the pair's recent ascend of nearly 350-pips for the last three trading sessions. 

Market participants are currently waiting for the publication of flash American PMI prints that along with the existing home sales report would ensure some trading impetus. 


The US NFP Update: What to Wait for?
The US NFP Update: What to Wait for?

The US Bureau of Labor Statistics will announce average hourly earnings, nonfarm employment change (NFP), and the unemployment rate on May 6, at 15:30 MT time.

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Can the UK CPI surprise?
Can the UK CPI surprise?

The UK Office for National Statistics will publish Consumer Price Index (CPI) data on Wednesday, May 18, at 09:00 MT.

The US Retail Sales Update
The US Retail Sales Update

The US Census Bureau will announce Core Retail Sales and Retail Sales on Tuesday, May 17 at 15:30 MT.

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