GBP/USD patiently awaits upcoming US economic data this week after markets ramped up their bets on BoE rate hikes this year.

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The US dollar rose slightly while global equity markets ended largely flat in the past week as a positive start to the earnings season has been overshadowed by concerns that central banks may not be done with tightening just yet. Key focus on a raft of earnings in the coming week. Plus, US and Euro area Q1 GDP, US core PCE index, Australia Q1 inflation, and the Bank of Japan interest rate decision.

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The near-term outlook for the S&P 500 hinges on quarterly earnings and guidance from megacap tech. Key companies expected to announce results next week are Microsoft, Alphabet, Amazon & Meta

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The British pound’s rally against the US dollar has stalled recently, and chances are that the consolidation could continue a while longer before it embarks on a new leg higher. What are the key levels to watch?

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EUR/USD volatility is at a two-month low with the pair stuck in a 90 pip range this week. Next week’s data releases look set to challenge this range.

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