GBPUSD

As the first meetings of the ECB and Fed for the year have passed, the BoE will announce its decision this week. February stands out as a period where macroeconomic indicators will be closely monitored ahead of the significant bank meetings in March. Particularly, the trajectory of the trade wars triggered by tariffs imposed by Trump offers a critical roadmap for investors. The announcements from the BoE on Thursday, followed by the U.S. employment data (non-farm payrolls, unemployment rate, and average hourly earnings) on Friday, could significantly impact asset prices. Additionally, the Eurozone CPI and manufacturing PMI data from Europe and the U.S. are also under traders' scrutiny.

The Dollar Index, following the process initiated by Trump with Canada, Mexico, and China, has approached the level of 109.96 tested on January 13, making a gap closing above the 34-day average (107.74). The status of the index at the 110 level is an important indicator of whether potential declines in EURUSD and GBPUSD pairs will continue. In the GBPUSD pair, the 1.2395 – 1.2480 range has emerged as a key resistance level. The status of the pair at 1.2315 is a point that investors should watch closely.