Daily Analysis For GBP/USD  01-05-2023

Daily Analysis For GBP/USD 01-05-2023

GBP/USD Analysis
Economic Events and Scenario for GBP/USD
Economic Events: -
00:00(Australia) Judo Bank Manufacturing PMIHighAUD
01:00(Austria) Labor DayNoneEUR
01:00(Belgium) Labor DayNoneEUR
01:00(China) May DayNoneCNY
01:00(Cyprus) Labor DayNoneEUR
01:00(Ecuador) Labor DayNoneUSD
01:00(El Salvador) Labor DayNoneUSD
01:00(Estonia) Spring DayNoneEUR
01:00(Euro Area) Labor DayNoneEUR
01:00(Finland) May DayNoneEUR
01:00(France) Labor DayNoneEUR
01:00(Germany) Labor DayNoneEUR
01:00(Greece) Labor DayNoneEUR
01:00(Ireland) May DayNoneEUR
01:00(Italy) Labor DayNoneEUR
01:00(Latvia) Labor DayNoneEUR
01:00(Lithuania) Labor DayNoneEUR
01:00(Luxembourg) Labor DayNoneEUR
01:00(Malta) Labor DayNoneEUR
01:00(Montenegro) Labor dayNoneEUR
01:00(Portugal) Labor DayNoneEUR
01:00(Spain) Labor DayNoneEUR
01:00(United Kingdom) May Day Bank HolidayNoneGBP
01:30(Japan) Jibun Bank Manufacturing PMIMediumJPY
02:00(Australia) TD-MI Inflation Gauge MoMLowAUD
02:30(Australia) ANZ-Indeed Job Ads MoMLowAUD
06:00(Japan) Consumer ConfidenceHighJPY
07:30(Australia) Commodity Prices YoYLowAUD
09:00(Switzerland) Myfxbook USDCHF SentimentMediumCHF
09:00(Australia) Myfxbook AUDUSD SentimentMediumAUD
09:00(Japan) Myfxbook USDJPY SentimentMediumJPY
09:00(European Union) Myfxbook EURUSD SentimentMediumEUR
09:00(United Kingdom) Myfxbook GBPUSD SentimentMediumGBP
09:00(Canada) Myfxbook USDCAD SentimentMediumCAD
09:00(New Zealand) Myfxbook NZDUSD SentimentMediumNZD
14:30(Canada) S&P Global Manufacturing PMIHighCAD
14:45(United States) S&P Global Manufacturing PMIHighUSD
15:00(United States) ISM Manufacturing PricesLowUSD
15:00(United States) ISM Manufacturing New OrdersLowUSD
15:00(United States) ISM Manufacturing EmploymentMediumUSD
15:00(United States) Construction Spending MoMLowUSD
15:00(United States) ISM Manufacturing PMIHighUSD
16:30(United States) 3-Month Bill AuctionLowUSD
16:30(United States) 6-Month Bill AuctionLowUSD

Today's Scenario: - The GBP/USD exchange rate is currently hovering near the highest levels since June 2022, following two consecutive weeks of gains. Traders are gearing up for a key week, which includes multiple central bank meetings, including the Federal Reserve, as well as the release of the US jobs report. The Cable pair is trading around 1.2570 and is defending the previous day's gains near the multi-day high during early Monday in Asia.
Hopes of another positive development on the Brexit front, specifically easier travel to and from Europe during the holiday season, initially supported the GBP/USD pair's upward momentum in the previous week. This could be linked to UK Prime Minister Rishi Sunak's push for rules that can help boost holiday spirits after the long-awaited Brexit deal is sealed.

Buy Scenario: - To target the First Major Resistance Level (R1) at $1.2617, the Pound must stay above the pivot point of $1.2532. If the Friday high of $1.25837 is breached, it could signal an extended breakout session. However, the Pound would require support from First Republic Bank and US economic data to maintain the upward momentum.
If the GBP/USD continues to rally, it may test the Second Major Resistance Level (R2) at $1.2669, followed by the Third Major Resistance Level at $1.2806. Till we do not advise to buy GBP/USD.

Sell Scenario: - On the downside, if the pivot point is breached, the First Major Support Level (S1) at $1.2480 could come into play. It is unlikely for the GBP/USD to drop below $1.2450 and the Second Major Support Level (S2) at $1.2394, barring a sharp sell-off fueled by weak US economic data. The Third Major Support Level (S3) is located at $1.2257. Till then we do not advise selling GBP/USD.

Support and Resistance Level: -
S1 1.2482-R1 1.2620
S2 1.2396-R2 1.2671
S3 1.2345-R3 1.2757


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