Platinum price remains affected by the contradiction between the main indicators, which forces it to delay the negative attack by its repeated fluctuation above the extra support at $950.00, achieving some gains by reaching $973.00.

Reminding you that the stability of the price below $983.00 level, will increase the chances for renewing the negative trading in the current trading, to keep waiting for attacking the support at $950.00, while surpassing the barrier will cancel the negative suggestion, to open the way towards activating the bullish rally, which might target $1000.00 level initially.

The expected trading range for today is between $950.00 and $983.00

Trend forecast: Fluctuated within the bearish track

Platinum price remains affected by the contradiction between the main indicators, which forces it to delay the negative attack by its repeated fluctuation above the extra support at $950.00, achieving some gains by reaching $973.00.

Reminding you that the stability of the price below $983.00 level, will increase the chances for renewing the negative trading in the current trading, to keep waiting for attacking the support at $950.00, while surpassing the barrier will cancel the negative suggestion, to open the way towards activating the bullish rally, which might target $1000.00 level initially.

The expected trading range for today is between $950.00 and $983.00

Trend forecast: Fluctuated within the bearish track

• GBP/USD faces initial resistance at the nine-day EMA of 1.3303.
• The 14-day RSI remains above 50, suggesting a bullish bias is still in play.
• A break below the 50-day EMA of 1.3054 could weaken the medium-term price momentum.

The GBP/USD pair attempts to maintain its position after registering gains in the previous session, trading around 1.3300 during the Asian trading hours on Tuesday. Technical analysis on the daily chart suggests a neutral short-term price momentum, as the pair is hovering around the nine-day Exponential Moving Average (EMA).

However, the GBP/USD pair continues to trade above the 14-day Relative Strength Index (RSI) holds above 50, suggesting a bullish bias is still in play. Further movements will offer a clear directional trend.

The GBP/USD pair faces initial resistance at the nine-day EMA of 1.3303. A successful break above this level could improve the short-term price momentum and support the pair to test the psychological 1.3400 level, followed by 1.3445, reached on April 28 and the lowest since February 2022.

On the downside, the GBP/USD pair could find its initial support at the 50-day EMA of 1.3054. A break below this level could weaken the medium-term price momentum and put downward pressure on the pair to navigate the region around its monthly low at 1.2708, recorded on April 7. Further support appears at the two-month low of 1.2577, recorded on March 3.

GBP/USD: Daily Chart

• Yen strengthens as investors seek safety amid unconfirmed trade deal rumors between US and China.
• USD/JPY finds support at 20-day SMA; daily close above 144.00 needed to regain bullish traction.
• Break below 143.00 could expose 141.97 and the YTD low at 139.88.

The USD/JPY dropped late during the North American session as investors seeking safety bought the Japanese Yen (JPY) and ditched the US Dollar (USD) amid the lack of announcements of trade deals, despite rumors that the US and China are close to beginning talks. At the time of writing, the USD/JPY trades at 143.80, down 0.80%.

USD/JPY Price Forecast: Technical outlook

From a technical standpoint, the USD/JPY remains biased downward, hitting a lower low for the second consecutive trading day. Yet it found support at the 20-day Simple Moving Average (SMA) of 143.43 before buyers lifted the pair above the Kijun-seen at 143.70.

Although this could pave the way for a recovery, bulls need a daily close above 144.00 if they would like to test higher prices. Otherwise, if sellers push USD/JPY below 143.00, this clears the path to test the April 29 swing low of 141.97. If surpassed, the next stop would be the year-to-date (YTD) low of 139.88.

USD/JPY Price Chart – Daily

GBP/USD Forecast: Pound Sterling stays dangerously close to key support level

GBP/USD lost 0.3% last week and snapped a three-week winning streak. The pair enters a consolidation phase on Monday and trades below 1.3300.

GBP/USD closed virtually unchanged on Friday as the US Dollar (USD) struggled to gather strength following the April labor market data from the US. The Bureau of Labor Statistics (BLS) reported that Nonfarm Payrolls (NFP) increased by 177,000 in April. Read more…

GBP/USD Weekly Outlook: Pound Sterling awaits Fed-BoE policy decisions for fresh impetus

King Dollar regained its throne, booking the third weekly gain, due to receding tariff war fears and optimism emerging from potential trade deals between the United States (US) and its major Asian trading partners.

US President Donald Trump and some of his colleagues stuck to their rhetoric that trade negotiations continued with China even though Beijing dismissed such talks. Trump said during the week that he has “potential” trade deals with India, South Korea and Japan and that there is a very good chance of reaching an agreement with China. Read more…

• The USD/JPY outlook shows a stronger yen at the start of the week.

• The BoJ faces high food inflation, strong wage growth, and the possibility of a weak yen.

• US employers added 177,000 new workers, beating estimates of 138,000.

The USD/JPY outlook shows a stronger yen at the start of the week, as market participants maintain hopes for further BoJ tightening. Meanwhile, the dollar strengthened against the yen briefly on Friday after an upbeat US employment report. 

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The yen collapsed Thursday after the Bank of Japan kept interest rates unchanged. Furthermore, the central bank downgraded its outlook for growth and inflation due to the impact of Trump’s tariffs. Governor Ueda noted that Trump’s trade policies had created a lot of uncertainty. Experts took this to mean the policymakers would delay rate hikes. As a result, rate hike expectations dropped. 

However, Japan’s currency rebounded on Friday after the impact of the policy meeting faded. The BoJ has to face high food inflation, strong wage growth, and the chances of a weak yen. Therefore, hopes are still alive that policymakers will boost interest rates.

Meanwhile, the greenback got a brief boost from data showing a resilient labor market. The economy added 177,000 new workers, beating estimates of 138,000. The unemployment rate was unchanged at 4.2%. After the report, market participants priced a 35% chance of a June Fed rate cut, down from 58%. 

However, due to Trump’s tariffs, analysts expect employment to deteriorate in the coming months. 

USD/JPY key events today

USD/JPY technical outlook: Brief retreat meets solid support zone

On the technical side, bulls have found their footing above the 30-SMA. The trend recently reversed when bears failed to go below the 140.01 support level. The price broke above it resistance trendline and pulled back for a retest. After that, it made a higher high, confirming the new uptrend. 

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However, after a new high, the price has returned to retest the recently broken 144.02 key level. At the same time, it is trading nearer the 30-SMA, which is another support level. Still, the price is above the SMA and the RSI is slightly over 50, suggesting a bullish bias. 

Therefore, bulls might return at this support zone to seek new highs. A bounce higher will likely target the 148.01 resistance level. The trend will only change when the price breaks and stays below the SMA.

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The EURJPY pair is forced to form a bearish correctional rebound this morning, affected by the stability of the resistance at 164.80, suffering clear losses by its approach from the initial support at 163.25 level.

Providing positive momentum by stochastic might increase the efficiency of the negative track in the current period, to expect reaching below the initial support and begin targeting several negative stations by reaching 162.45 and 161.90, while the price rally above the mentioned resistance will reinforce the chances for regaining the bullish bias, to expect targeting 165.25 level, reaching the next target at 166.40.

The expected trading range for today is between 162.45 and 164.10

Trend forecast: Bearish

No change on Copper price’s temporary sideways trading, due to its confinement between the extra barrier at $4.6600, while the moving average 55 keeps forming a new support by its fluctuation near $4.5400, and stochastic attempt to provide positive momentum might assist delaying the negative trading in the current trading, to increase the chances for compensating the previous losses, by its rally above the current barrier and targeting 61.8%Fibonacci correction level at $4.8200.

Reaching below the support and providing a negative close will support the continuation of the suggested negativity, reminding you that the negative stations stability near $4.4500 and $4.3100 level.

The expected trading range for today is between $4.5300 and $4.6600

Trend forecast: Sideways

• The euro initially did try to rally a bit during the course of the trading session on Friday, but it looks as if the area near the 165 yen level could continue to be a bit of a barrier.
• That area is of course an area that has been important multiple times in the past. It’ll be interesting to see how this plays out.

We had the massive candlestick during the previous session that came into the picture to offer a lot of upward momentum. And then the pullback on Friday, which shows that we are not simply going to rip through the 165 yen level by breaking above there. Then we could go looking to the 166.50 level and therefore the swing high back in November. Short-term pullbacks from here make a certain amount of sense. And I think they offer buying opportunities because quite frankly, we are starting to see the Japanese yen suffer.

There is Support Below

In general, the 200 day EMA sits around the 162 yen level with the 50 day EMA sitting just underneath there. The 50 day EMA looks as if it is going to try to cross above there. And if it does, that is the so called golden cross, which a lot of traders look for a bit of inspiration to the upside. It’s a late indicator typically, but what I have found is that the Golden Cross tends to do much better than the opposite, the negative version of this called the Death Cross. We are going sideways. We are getting ready to try to break to the upside. And now the question is, will we have to pull back towards the movie and averages or will we clear 165 yen and then just simply rip to the upside.

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May 5, 2025 – Written by Tim Boyer

STORY LINK Pound to Dollar Forecast: Consolation Now, Longer-Term 1.43

Bank of America forecasts that the Pound to Dollar exchange rate (GBP/USD) will strengthen to 1.43 at the end of 2025 with a further advance to 1.54 at the end of next year.

HSBC has lowered its dollar outlook with the end-2025 dollar forecast at 1.32 from 1.23 previously.

GBP/USD hit 3-year highs just below 1.3450 during the week before a retreat to just below 1.3300.

Interest rate decisions will be a key element in the week ahead.

There are strong expectations that the Bank of England will cut interest rates by 25 basis points to 4.25% with expectations that a minority of MPC members will vote for a larger cut. Guidance from the bank will be crucial for the Pound.

Rabobank noted the possibility of dovish guidance, but added; “Given the potential for a hot April CPI print, the MPC may prefer to keep its options open and stick to its current guidance of careful and careful cuts. We therefore hesitate to call for a follow-up cut in June, but a cold CPI print could change that.”

According to ING; “The Bank of England is poised to cut rates at its 8 May meeting, and markets are pricing a faster pace of easing thereafter. We’re less convinced the Bank will deviate from its once-per-quarter cutting rhythm, but we do think it could cut rates to a lower level than investors are currently expecting.”

Rabobank is wary over overall UK fundamentals; “The UK’s current account deficit can leave GBP exposed when UK fundamentals are weak. Currently, soft growth and a high level of indebtedness in the UK will not endear the pound to investors.”

The bank also has a 12-month GBP/USD forecast of 1.32.

The Federal Reserve is not expected to cut interest rates on Wednesday with the Fed Funds rate held at 4.50%.

Markets see no real chance of a cut at this meeting while there is a 60% chance of a June move.

There will be no updated forecasts at this meeting.

Guidance from Chair Powell will be crucial for the dollar, especially given the strong political pressure from the US Administration.

The US labour-market data was slightly stronger than expected with an increase in non-farm payrolls of 177,000 for April and unemployment held at 4.2%.

GDP, however, contracted at an annualised rate of 0.3% for the first quarter while consumer confidence dipped further to 5-year lows with the expectations element at a 14-year low.

The extent of dollar confidence will be a crucial element with a focus on trade, Fed independence and capital flows.

HSBC commented; “There are questions about its structural properties that we have not had to take more seriously for some time. We do not believe there is enough evidence to fully embrace those concerns but we cannot discount them either. Putting these together tells us that the DXY will be in a softer position over the coming quarters.

It added; “We could see some reweighting back towards our previous USD framework that laid the grounds for a healthier USD. For now though, we are sailing away from the currency.”

SocGen notes the importance of data; “The lag between policy announcements and their impact on the US economy is however significant and the fall in the dollar (and US equity indices) is now pausing/correcting. It will resume when/if economic data confirm market fears that the US is in for a period of slower growth and higher inflation.”

Standard Chartered commented; Our baseline expectation is that the USD will be slightly weaker versus current spot but basically stable through year-end. The US administration seems to be making its most determined effort in months to reassure markets on tariffs and other policies. But even after the administration’s positive announcements on tariff progress and equity market gains, the USD has not traded very firmly.”

It added; “This makes us think that the adjustment of USD positions is continuing and could take the USD a bit lower.”

The bank has increased its end-2025 GBP/USD forecast to 1.35 from 1.26.

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