The GDP data released earlier today shows the pounds doing better than yesterday. Industrial and manufacturing production for May added to the positive sentiments around the U.K. economy, temporarily leaving the political shenanigans aside. Money markets are currently pricing in a 66% chance of a 50bps rate hike by the Bank of England BoE, and the GDP data appears to secure its place come August. The pacifist re-pricing has affected the pound, but there’s the hope of a positive change as the dollar trends higher.
U.S. inflation is fast becoming an important topic, and it might provoke a withdrawal by GBP bulls if the data fail expectations.
GBP/USD price action presents how far GBP is currently falling beside USD. Using yesterday’s trading charts, the GBP slightly fell by 0.27% to the USD. The 1.1800 psychological support zone was tested to no avail by bears keeping in line with the recent buoyant divergence trend. As a result, the RSI increases as the price action takes a downward turn. This might be the pound crossroads depending on the U.S. inflation print later today.
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