✅ GBP/USD Movement: Factors Affecting Price Action

Following a notable rebound at the daily 61.8% Fibonacci retracement level, the GBP/USD appears poised for a potential bullish impulse continuation, particularly from the level around 1.23500. The recent downturn in the US Dollar's value, which concluded the week on a significant decline, correlates with a broader trend of decreasing US yields across various timeframes. This movement aligns with investors' current preference for a potential interest rate cut by the Federal Reserve in September. Looking ahead, upcoming economic indicators include the RCM/TIPP Economic Optimism Index and Consumer Credit Change on May 7, followed by the release of the weekly MBA’s Mortgage Applications and Wholesale Inventories on May 8, with Initial Jobless Claims expected on May 9. The week concludes with the publication of preliminary Michigan Consumer Sentiment data and the Monthly Budget Statement.

Despite a continuation of the GBP/USD's upward momentum observed in the preceding week, the breach of the 1.2600 resistance level toward the end of the week failed to sustain momentum. On May 7, market watchers anticipate the release of the BRC Retail Sales Monitor ahead of the S&P Global Construction PMI. The Bank of England's meeting on May 9 is a notable event, alongside the expected release of GDP figures, Trade Balance data, Industrial and Manufacturing Production statistics, and the NIESR Monthly GDP Tracker toward the end of the week.

In summary, market sentiment leans towards a bullish continuation in the GBP/USD, with key economic indicators and central bank decisions shaping the trajectory of the currency pair in the coming days.

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✅ I'm Closing this position now.