GBP/USD gains ground on US Dollar weakness GBPUSD
The US debt-ceiling agreement favored a positive market environmentCable trades with gains near the 1.2350 area and benefits from the positive market mood fueled by the announcement on Sunday regarding an agreement on the debt ceiling between US President Joe Biden and Republican House Speaker Kevin McCarthy. While neither country will release relevant economic reports the pace of the session will be dictated by the market assessment of the mentioned agreement.
The news of the agreement was well-received by Wall Street futures, leading to a rise in their value and exerting downward pressure on theFor the rest of the week, the focus will shift to Nonfarm Payrolls data from the US from May which is expected to hint at more pain in the American labor market. In that sense the outlook may have an impact on expectations from the next Federal Reserve meeting in June and hence on the US Dollar price dynamics.
The psychological mark at 1.2320 is the immediate support level for GBP/USD. A break below this level could pave the way towards the 100-day Simple Moving Average at 1.2290 area and then to the 1.2250 zone. Furthermore, a move above the 1.2390 level would favor the bull’s momentum with next resistances at the 1.2450 zone and 20-day SMA at 1.2480.
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