UK Data and Sterling (GBP) Price, News and Analysis
- The first look at Q4 UK GDP may disappoint Sterling bulls.
- Coronavirus news flow and German GDP at the end of the week need to be watched carefully.
GBP/USD Price Bouncing Off Recent Lows
A tepid bounce in GBP/USD today and back above 1.2900, as UK traders look ahead to Tuesday’s data with industrial and manufacturing production and Q4 GDP all released at 09:30GMT. It should be noted that the data is backward looking and for December and does not fully take in any post-general election ‘Boris-bounce’. GBP/USD has been on the back foot for most of the year, weighed down by a combination of post-Brexit trade fears and a resurgent US dollar. The 1.2900 – 1.3225 trading band is just about holding for now and will likely need a strong stimulus to shift out of this range permanently.
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GBP/USD Daily Price Chart (June 2019 – February 10, 2020)
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EUR/GBP also remains rangebound and price action may come under selling pressure if the Euro-Zone/German GDP numbers at the end of the week fail to match expectations. This year’s double-top just under 0.8600 should remain intact while support around the 0.8385 area may come pressure on Friday if data disappoints.
(Apologies for the coughing attack in the middle of the webinar).
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