GBP/USD forecast: The sterling pound remains firm after mixed data from the United Kingdom
After climbing a weekly maximum above 1,3350 in the European session on Wednesday, The GBP/USD reversed its direction and ended the day in negative territory. The pair remains firm in Thursday’s European session and lies slightly below 1,3300.
The United Kingdom National Statistics Office (ONS) reported early on Thursday that the Gross Domestic Product (GDP) expanded at an annual 1.3% rate in the first quarter. This reading followed the 1.5% growth recorded in the previous quarter, but was above the 1.2% market expectation. In a negative note, the ONS said that manufacturing production and industrial production contracted 0.8% and 0.7%, respectively, in monthly terms in March. Read more…
GBP/USD Perspective: Bulls maintain control before the United Kingdom GDP data
The cable maintains a firm tone in the short term and extends the recovery after the 1% Rally on Tuesday that generated a positive signal in more than 50% setback of the setback of 1,3444/1,3139 and the end of a bullish envelope in the daily chart.
Wednesday’s new upward extension exceeded 61.8% FIBO, adding to the development of the reversal signal, after a strong rebound on Tuesday indicated that the corrective phase from the new maximum of 2025 (1,344) has probably finished. Read more…
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
