According to Omkar Godbole (@godbole17), GBPUSD remains below the 1.34 mark following the recent Federal Reserve meeting and comments from Fed Chair Jerome Powell. The 1.34 level has historically acted as a significant supply zone, particularly noted in September of the previous year. Traders are monitoring this resistance closely for potential short entries, as a failure to break above 1.34 may indicate weakness in GBPUSD. This bearish setup can impact risk sentiment in forex and crypto markets, as dollar strength typically exerts downward pressure on major cryptocurrencies like Bitcoin and Ethereum (Source: Omkar Godbole, Twitter, May 7, 2025).

According to Omkar Godbole, EUR/USD is nearing the 1.12 supply zone, a level it has not surpassed since July 2023. The potential breakout is bolstered by recent US super core CPI data, which is at its lowest since May 2020. This aligns with falling market-based measures of inflation, such as the five and 10-year breakeven rates. Traders should monitor these developments as a breakout could push EUR/USD towards the next trendline at 1.20.