PU Prime App

Exclusive deals on mobile

  • Trading Knowledge  >  Trading Blog

2 May 2024,02:21

Trading BlogTrading Knowledge

Pound Rose On BoE Positive Comments, Soft U.S Dollar

2 May 2024, 02:21

Share on:
pound rose on BoE positive comments soft US dollar 2 May 2024

Fundamental Analysis

* Sterling Spark: The British pound strengthened against the US dollar, buoyed by positive remarks from Bank of England officials and a decline in the dollar following the Federal Reserve’s recent interest rate decision. On U.S front, the Fed maintained its benchmark rate within a target range of 5.25%–5.50%. The Fed indicated it wouldn’t consider lowering rates until it was more confident about inflation reaching its 2% target sustainably. Fed Chair Jerome Powell remarked that a rate hike was unlikely in the near future. Meanwhile, BoE Chief Economist Huw Pill cautioned against moving too swiftly to cut interest rates, suggesting there may be more risk in doing so prematurely than delaying the decision. These statements provided some support for the British pound.

Technical Analysis

* Technical Breakout: USD/CAD was traded higher following prior rebound from the level 1.36650. MACD which illustrate ongoing bullish momentum signal suggest the pair to further extend its gains.

* Resistance and Targets: If the bullish momentum persists, there’s a strong likelihood that the price will potentially head towards 1.2585. Conversely, there’s a possibility of a technical correction causing the pair to retreat to the support level at 1.2465.

Understand how technical analysis can help you in this trading opportunity.

Potential Risks

Moving ahead, Moving ahead, investors will primarily concentrate on economic data from the U.S. at the beginning of the new month to determine the next course of action. The absence of significant macroeconomic data releases from the U.K. this week might result in the pound trading without a distinct direction.

Know how to manage trading risks with risk management strategies.


Stay updated on US and U.K data, BoE related updates and any shifts in the US Dollar’s strength by following PU Prime’s market insights and daily financial news.

Grab the trading opportunity and dive into the action risk-free with a free demo account. It is the perfect way to hone your skills and explore the exciting world of trading!

Open Your Free Demo Account And Start Trading Risk-Free

Join Now

Disclaimer: Trading derivatives involves high risks, and market conditions can change rapidly. The content is for informational purposes only and should not be considered as financial advice. Traders should conduct their own research and consider risk management strategies.

Start trading with an edge today

Trade forex, indices, metal, and more at industry-low spreads and lightning-fast execution.

  • Start trading with deposits as low as $50 on our standard accounts.
  • Get access to 24/7 support.
  • Access hundreds of instruments, free educational tools, and some of the best promotions around.
Join Now

Latest Posts

Fast And Easy Account Opening

Create Live Account
  • 1


    Sign up for a PU Prime Live Account with our hassle-free process.

  • 2


    Effortlessly fund your account with a wide range of channels and accepted currencies.

  • 3

    Start Trading

    Access hundreds of instruments under market-leading trading conditions.

Please note the Website is intended for individuals residing in jurisdictions where accessing the Website is permitted by law.

Please note that PU Prime and its affiliated entities are neither established nor operating in your home jurisdiction.

By clicking the "Acknowledge" button, you confirm that you are entering this website solely based on your initiative and not as a result of any specific marketing outreach. You wish to obtain information from this website which is provided on reverse solicitation in accordance with the laws of your home jurisdiction.

Thank You for Your Acknowledgement!

Ten en cuenta que el sitio web está destinado a personas que residen en jurisdicciones donde el acceso al sitio web está permitido por la ley.

Ten en cuenta que PU Prime y sus entidades afiliadas no están establecidas ni operan en tu jurisdicción de origen.

Al hacer clic en el botón "Aceptar", confirmas que estás ingresando a este sitio web por tu propia iniciativa y no como resultado de ningún esfuerzo de marketing específico. Deseas obtener información de este sitio web que se proporciona mediante solicitud inversa de acuerdo con las leyes de tu jurisdicción de origen.

Thank You for Your Acknowledgement!