GBPUSD

The GBP/USD exchange rate will focus on the UK Q1 GDP data to be announced on May 15. Growth figures that exceed expectations (0.6% expected) could strengthen the pound, pushing the exchange rate to the resistance level of 1.33398. The rate is currently trying to hold above the pivot level of 1.32830. Retail sales data from the US and Powell's speech could also increase volatility. If the first support level of 1.32292 is broken, a pullback towards 1.31724 may be observed. The technical outlook suggests an upward trend as long as it stays above the pivot, while a downward trend is expected if it falls below.