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7 Jan 2025
GBP/USD retreats below 1.2500 on strong US Services PMI, JOLTS data
- GBP/USD reaches new peak after Trump advisors hint at targeted tariffs, weakening the US Dollar despite strong US data.
- US Services PMI and JOLTS job openings surpass expectations, signaling robust economic health.
- UK retail sales hit highest level since March 2024, adding to the positive outlook for the Pound amid a light UK economic calendar.
The Pound Sterling rose to a new four-day peak of 1.2575 on Tuesday after posting its biggest gain in the last three days. The Washington Post revealed that US President-elect Donald Trump's advisers considered applying tariffs to specific imports, weakening the Greenback, which of late was boosted after upbeat US data. The GBP/USD trades at 1.2495, down by 0.12%.
Strong ISM Services PMI and JOLTS data, weighed on the GBP/USD pair
US equities remain mixed early during the North American session. The Institute for Supply Management (ISM) revealed that Services PMI rose by 54.1, exceeding estimates of 53.3 up from 52.1.
At the same time, the US Department of Labor revealed that the number of JOLTS job openings rose sharply, exceeding forecasts of 7.70 million to 8.098 million.
The data suggests the economy is in good shape and overshadowed the release of the Balance of Trade data.
The US Bureau of Economic Analysis (BEA) revealed that the trade deficit widened in November, with the Trade Balance figures coming at $-78.2 billion, more than the $-73.6 billion reported in October.
According to BEA, Imports increased from $339.9 billion to $351.6 billion, a 3.4% increase. US Exports rose from $266.3 billion to $273.4 billion, a 2.7% increase.
In the UK, the British Retail Consortium revealed that retail sales rose 3.2% year over year in December, their highest level since March 2024.
Ahead this week, the UK economic docket remains scarce. In the US, the calendar will feature the ADP National Employment report and Initial Jobless Claims data for the week ending January 4.
GBP/USD Price Forecast: Technical outlook
From a technical standpoint, the GBP/USD daily chart suggests the pair is reversing some of its weekly gains, the release of US data. If the pair drops below 1.2450, look for a retest of 1.2400. On further weakness, the next support would be the January 2 low of 1.2351.
On the other hand, if buyers buy the dip, they could retest 1.2500 and the daily high of 1.2575 before reaching 1.2600.
British Pound PRICE Today
The table below shows the percentage change of British Pound (GBP) against listed major currencies today. British Pound was the strongest against the Swiss Franc.
| USD | EUR | GBP | JPY | CAD | AUD | NZD | CHF | |
|---|---|---|---|---|---|---|---|---|
| USD | 0.24% | 0.20% | 0.48% | 0.20% | 0.03% | -0.03% | 0.53% | |
| EUR | -0.24% | -0.04% | 0.21% | -0.03% | -0.21% | -0.27% | 0.27% | |
| GBP | -0.20% | 0.04% | 0.30% | 0.01% | -0.17% | -0.23% | 0.32% | |
| JPY | -0.48% | -0.21% | -0.30% | -0.28% | -0.44% | -0.52% | 0.04% | |
| CAD | -0.20% | 0.03% | -0.01% | 0.28% | -0.17% | -0.23% | 0.31% | |
| AUD | -0.03% | 0.21% | 0.17% | 0.44% | 0.17% | -0.06% | 0.48% | |
| NZD | 0.03% | 0.27% | 0.23% | 0.52% | 0.23% | 0.06% | 0.55% | |
| CHF | -0.53% | -0.27% | -0.32% | -0.04% | -0.31% | -0.48% | -0.55% |
The heat map shows percentage changes of major currencies against each other. The base currency is picked from the left column, while the quote currency is picked from the top row. For example, if you pick the British Pound from the left column and move along the horizontal line to the US Dollar, the percentage change displayed in the box will represent GBP (base)/USD (quote).