The Pound is changing direction. Overview for 22.08.2017

The GBP/USD reversed to the downside on Tuesday; it is seriously “stuck” inside the mid-term trading range.  

On Tuesday, the British Pound changed direction and right now is falling against the USD. the current quote for the instrument is 1.2872.

The most important driver, which has supported the Pound recently, is the weakness of the USD. The British currency pays little attention to the Brexit and even less to the statistics. Yesterday, the British representatives announced that the primary goal of the Brexit negotiations should be interests of consumers and businesses.

Today, they are going to report on the Public Sector Net Borrowing, but more important statistics will be published on Thursday. We’re talking about the second estimate of the GDP Growth Rate in the second quarter 2017. The first one was 0.3% q/q. The indicator is expected to add the same number.

Also, on Thursday the United Kingdom will publish the CBI Realized Sales, which is expected to be rather weak. However, if the market does pay attention to the report, there might be new reasons for sales.

RoboForex Analytical Department