US Treasury Secretary Bessent stated in a media interview that while the US remains in contact with China, it is up to Beijing to take the first step toward easing trade tensions. Meanwhile, China has been excluded from the US’s ongoing trade negotiations with 15 to 17 other countries.
Economic Data Releases
Source: MarketPulse
Fig 1: Key data for today’s Asian mid-session
Chart of the Day – GBP/USD Hit a 3-Year High with Bullish Momentum Intact
Source: TradingView
Fig 2: GBP/USD minor trend as of 29 Apr 2025
The GBP/USD rallied by 1% yesterday, 28 April, and hit a three-year high at 1.3444. It has also surpassed the previous 26 September 2024 medium-term swing high closing level of 1.3415, which reinforced its ongoing medium-term uptrend phase in force since 13 January 2025.
In addition, the hourly RSI momentum indicator is still holding above a parallel ascending trendline support, which shaped a “higher low” above the 50 level, which suggests potential upside momentum remains intact in the short term.
Watch the 1.3340 key short-term pivotal support, and a clearance above 1.3480 sees the next intermediate resistance coming in at 1.3550/3580.
However, a break below 1.3340 invalidates the bullish tone to expose the next intermediate supports at 1.3250/3205, and 1.3120 (also the 20-day moving average).
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