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GBP/USD slides to over one-month low, below 1.1800 mark amid sustained USD buying GBP/USD slides to over one-month low, below 1.1800 mark amid sustained USD buying

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GBP/USD surrenders modest intraday gains – Crypto News

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GBP/USD Forecast: Pound Sterling holds above key support despite weak UK data

GBP/USD has managed to stage a rebound early Thursday before going into a consolidation phase slightly above 1.2100. The pair’s technical Outlook shows that buyers remain uninterested and the US Dollar’s market valuation is likely to drive the action in the second half of the day.

Earlier in the day, the data published by the UK’s Office for National Statistics (ONS) revealed that the Gross Domestic Product (GDP) contracted by 0.3% on a quarterly basis in the third quarter. At an annualized rate, the UK economy grew by 1.9% in Q3, missing the market expectation of 2.4% by a wide margin. These figures weighed modestly on the Pound Sterling but GBP/USD didn’t have a hard time holding above 1.2100. Read more…

GBP/USD surrenders modest intraday gains, seems vulnerable near multi-week low

The GBP/USD pair attracts fresh selling in the vicinity of the mid-1.2100s on Thursday and retreats to the lower end of its daily range during the mid-European session. The pair is currently placed below the 1.2100 mark and remains well within the striking distance of a nearly three-week low touched on Wednesday, with bearish still awaiting a sustained break below a technically significant 200-day SMA.

The British Pound started losing ground following the release of the final UK GDP print, which showed that the economy contracted by 0.3% in the third quarter, worse than the previous estimate of 0.2%. Adding to this, the annual growth rate was also revised down to 1.9% from the 2.4% reported previously and adds to a bleak outlook for the UK economy. Read more…

GBP/USD eases from daily high post-UK GDP, holds above 1.2100 mark amid weaker USD

The GBP/USD pair attracts some buying on Thursday and reverses a major part of the previous day’s slide to a nearly three-week low. The pair sticks to its intraday gains above the 1.2100 mark, though retreats a few pips in reaction to the weaker-than-expected UK macro data.

According to the final version of the Q3 GDP print released by the Office for National Statistics, the UK economy contracted by 0.3% during the July-September period. This is slightly below the 0.2% decline estimated initially and was accompanied by a downward revision of the annual growth rate to 1.9% from 2.4%. This adds to a bleak outlook for the UK economy and acts as a headwind for the British poundthough a weaker US Dollar continues to lend support to the GBP/USD pair. Read more…

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