The British Pound heads into what promises to be a fascinating new trading week in stronger form against the United States Dollar
May 3’s nonfarm payrolls data are likely to be the week’s main trading event, with more scope for shocks than the Fed call. Continued strength in the data will underline the US economy’s resilience and could see rate-cut bets pushed even further back. It will probably take a considerable downside surprise to see them brought forward.
This channel has been quite well respected. The rate closed just about exactly on it on April 22, setting the stage as it turned out for subsequent strong gains. The channel base now offers support at 1.2301, but that doesn’t seem to be in much immediate danger of a near-term test.
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