GBPUSD

GBP/USD recorded its longest rising streak of the year in April 2025, reaching the level of 1.3422. The lower-than-expected inflation data for March (annual 2.6%) released in the UK increased the likelihood of a rate cut at the Bank of England's (BoE) meeting on May 8. Furthermore, the April PMI data revealed a weak economic outlook; the services PMI fell from 52.5 to 51.5, and the manufacturing sector declined from 44.9 to 44.0. S&P Global's chief economist Chris Williamson commented, "The collapse of confidence and the drop in production in April raise red flags about the near-term economic outlook and put pressure on the Bank of England to cut rates again at the May meeting." From a technical perspective, if the currency pair continues to stay above the 50-day moving average and closes above the level of 1.3310, it may head towards the April peak of 1.3422. In the upcoming period, PMI data from the US and statements regarding Trump's trade policies will be important factors determining the direction of the GBP/USD pair.