U.K. GDP slightly better than feared

The U.K. Office for National Statistics has posted 2Q GDP at -21.7% on year, slightly better than -22.4% on year expected.

Brexit 8

The U.K. Office for National Statistics has posted 2Q GDP at -21.7% on year, slightly better than -22.4% on year expected. June industrial production was released at +9.3% (vs +9.0% on month expected), manufacturing production at +11.0% (vs +10.0% on month expected) and trade balance at 5.3 billion pounds surplus (vs 2.8 billion pounds surplus expected).

From a technical point of view, on a daily chart, GBP/USD remains on the upside, supported by its rising 50-day moving average (in blue). The daily RSI is well directed and no more overbought. Readers may therefore consider the potential for further advance above horizontal support at 1.2670. The nearest resistance would be set at horizontal resistance at 1.3205 and a second one would be set at set at 2019 top at 1.3515 in extension.

Source: TradingView, GAIN Capital


More from Forex

From time to time, GAIN Capital Australia Pty Ltd (“we”, “our”) website may contain links to other sites and/or resources provided by third parties. These links and/or resources are provided for your information only and we have no control over the contents of those materials, and in no way endorse their content. Any analysis, opinion, commentary or research-based material on our website is for information and educational purposes only and is not, in any circumstances, intended to be an offer, recommendation or solicitation to buy or sell. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. No representation or warranty is made, express or implied, that the materials on our website are complete or accurate. We are not under any obligation to update any such material.

As such, we (and/or our associated companies) will not be responsible or liable for any loss or damage incurred by you or any third party arising out of, or in connection with, any use of the information on our website (other than with regards to any duty or liability that we are unable to limit or exclude by law or under the applicable regulatory system) and any such liability is hereby expressly disclaimed.