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GBP/USD prints fresh weekly highs above 1.1700
The GBP/USD is rising on Monday and during the American session climbed to 1.1709, reaching the highest level since August 30. Cable remains near the top, holding onto daily gains and a bullish bias in the very near term. The pound continues to recover from multi-year lows against the US dollar. It is testing the 20-day Simple Moving Average and a consolidation above could open the doors to a more sustainable recovery. Read more…
GBP/USD Forecast: Pound benefits from risk flows despite weak UK data
Fueled by the broad-based selling pressure surrounding the dollar at the start of the week, GBP/USD has gathered bullish momentum and climbed to its highest level since late August at 1.1700. The pair looks to extend its recovery as technicals turn bullish. Earlier in the day, the data published by the UK’s Office for National Statistics showed that the Gross Domestic Product expanded by 0.2% on a monthly basis in July, compared to the market expectation for a growth of 0.5%. Industrial Production contracted by 0.3% and the Manufacturing Production increased by only 0.1% in the same period with both figures falling short of analysts’ estimates. Read more…
British pound rallies as USD retreats
It’s a busy economic calendar this week in the UK. The markets were treated to a data dump today, highlighted by GDP and Manufacturing Production. In July, GDP grew by a modest 0.2% MoM, shy of the estimate of 0.5%, but an improvement from the -0.6% reading in June. Manufacturing Production in July dipped to 1.1% YoY, down from 1.3% in June and missing the estimate of 1.7%. Read more…
