GBPUSD is rising a bit on Thursday but market players don’t seem to have decided on the direction.
The British Pound is slowly rising against the USD on Thursday morning but the news is pretty mixed. The current quote for the instrument is 1.3071.
The thing is that the weakness of the “greenback” managed to overcome all accumulated negative for the Pound. The statistics published by the United Kingdom yesterday were mixed and there are good reasons for that. For example, the country’s GDP showed 8.7% m/m in June after being 2.4% m/m in the previous month. In the second quarter of 2020, the British economy plummeted by 20.4% and might have crushed the Pound but the latest monthly data gave a cause for optimism. In June, after quarantine restrictions were weakened, consumers started coming back to the market, thus helping the economy to recover.
The Industrial Production added 9.3% m/m in June after expanding by 6.2% m/m the month before and against the expected reading of +9.2% m/m. the Manufacturing Production increased by 11.0% m/m against market expectations of +10.0% m/m. The Construction Output showed +23.5% m/m, which is really good but should be perceived very carefully because it may include a deferred demand.
The Pound is mostly responding to the weak USD but not the statistics because the reports are very unlikely to show a lot of optimism.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.