GBP/USD rebounds despite strong US NFP report, market doubt immediate Fed cuts

By: bitcoin ethereum news|2025/05/03 01:00:13
0
Share
copy
US adds 177K jobs in April, beating forecasts but trailing March’s revised print of 185K. Trump pressures Fed to cut rates, though data may delay policy shift until July. UK manufacturing PMI contracts again; BoE seen cutting rates by 25 bps next week. The Pound Sterling advanced for the first time in the last four days and bounced off weekly lows against the Greenback, although an upbeat jobs report in the United States (US) decreased fears of a recession in the largest economy. Nevertheless, the US Dollar failed to gain ground, as depicted by the GBP/USD trading at 1.3321, up 0.39%. GBP/USD surges as easing US-China tensions weigh on Dollar despite upbeat NFP and factory orders Positive trade news improved the risk appetite, as China-US tensions are easing and weighing on the US Dollar. April’s US Nonfarm Payrolls rose by 177K, exceeding forecasts of 130K, though they came short of the downward revised March figures of 185 K. The Unemployment Rate stood at 4.2%, and the data might deny the Federal Reserve from cutting interest rates. After the data, US President Donald Trump demanded that the Fed lower rates via a post in his Truth Social Network. Other data from the US revealed that Factory Orders in March rose by 4.3% Month over Month, up from 0.5% the previous month but slightly below the 4.5% foreseen. In the UK, the latest S&P manufacturing report revealed the tariff’s impact on the economy, as the PMI contracted for the seventh month in a row in April. Next week, the Bank of England (BoE) is expected to deliver a 25 basis points (bps) rate cut according to the swaps markets. Hence, the GBP/USD could get under pressure as the interest rate differential between the US and the UK could benefit the former as the Fed is projected to lower rates until the July meeting. GBP/USD Price Forecast: Technical outlook The GBP/USD seems to be forming a ‘bullish harami’ two-candle chart pattern, indicating that there’s some acceptance for higher prices. Still, the pair must surpass the May 1 high at 1.3345 to confirm the pattern, and bulls could push the spot price toward 1.3400. A breach of the latter will expose the year-to-date (YTD) high of 1.3443. Conversely, if GBP/USD slides beneath 1.33, key support levels will be exposed. The first would be the 1.3200 mark, followed by the 1.3100 figure and the 50-day Simple Moving Average (SMA) at 1.3004. British Pound PRICE This week The table below shows the percentage change of British Pound (GBP) against listed major currencies this week. British Pound was the strongest against the Japanese Yen. The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the British Pound from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent GBP (base)/USD (quote). Source: https://www.fxstreet.com/news/gbp-usd-rebounds-despite-strong-us-nfp-report-market-doubt-immediate-fed-cuts-202505021514

You may also like

Tom Lee's Ethereum Thesis: Why the Man Who Called the Last Cycle Is Doubling Down on Bitmine

Tom Lee is emerging as one of Ethereum’s most influential supporters. From Fundstrat to Bitmine, his Ethereum thesis combines staking yield, treasury accumulation, and long-term network value. Here is why “Tom Lee Ethereum” has become one of crypto’s most watched narratives.

Naval personally takes the stage: The historic collision between ordinary people and venture capital

Naval personally stepped in as the chairman of the USVC Investment Committee. This SEC-registered fund launched by AngelList attempts to bring top private tech assets like OpenAI, Anthropic, and xAI to the general public with a $500 entry threshold. It is not just a new fund, but a structural experi...

a16z Crypto: 9 Charts to Understand the Evolution Trends of Stablecoins

Stablecoins are evolving from trading tools into universal payment infrastructure, and this process is quieter and more thorough than most people expected.

Refutation of Yang Haipo's "The End of Cryptocurrency"

This may be the true test of cryptocurrency. It's not about whether the price has reached a new high, nor about who will achieve financial freedom in the next bull market, but rather whether, after all the grand narratives have been washed away by cycles, it can still leave behind some simpler, more...

Can a hairdryer earn $34,000? Interpreting the reflexivity paradox of prediction markets

Prediction markets are essentially betting on reality, and when participants can access or even influence this path earlier, the market no longer just reflects reality but begins to shape it in return.

6MV Founder: In 2026, the "landmark turning point" for crypto investment has arrived

"I will deploy funds in 2026, so I will tell you this is the best year in history."

Popular coins

Latest Crypto News

Read more
iconiconiconiconiconiconicon
Customer Support:@weikecs
Business Cooperation:@weikecs
Quant Trading & MM:bd@weex.com
VIP Program:support@weex.com