The British pound is retreating on Friday in the market, even despite better than expected data from the UK. GBP/USD trades in the 1.2120 zone, according to analysts at Brown Brothers Harriman, the break of 1.2110 could enable a drop towards 1.20.
Key Statements:
“A break below 1.2110 would test 5th Aug low near 1.20“.
” The GDP for the second quarter stood at -0.1% quarter-on-quarter compared to the -0.2% expected and 0.8% in the first quarter, while the year-on-year rate stood at 2.9% compared to the 2.8% expected and 8.7% in the first Looking at monthly data, GDP came in at -0.6% m/m, vs. -1.2% forecast and 0.4% revised (was 0.5%) in May, although the data was slightly better than expected. expected, the recession is a foregone conclusion and the only questions are length and depth.”
Source: Fx Street
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