Pound Sterling Price News and Forecast: GBP/USD stems slide as GDP beats estimate
|GBP/USD Forecast: Pound Sterling stays dangerously close to 1.2200 after UK data
GBP/USD is finding it difficult to stage a rebound early Friday and moving sideways slightly above 1.2200 after closing the fourth consecutive day in negative territory on Thursday.
The UK's Gross Domestic Product (GDP) expanded at an annual rate of 0.6% in the third quarter, the Office for National Statistics (ONS) reported in the European morning. This reading came in slightly better than the market expectation of 0.5% and matched the second quarter's growth rate. Other UK data showed that Industrial Production stagnated on a monthly basis in September, while Manufacturing Production increased by 0.1%. Finally, Total Business Investment declined by 4.2% on a quarterly basis in the third quarter. Read more...
GBP/USD stems slide as GDP beats estimate
The British pound is steady on Friday. In the European session, GBP/USD is trading at 1.2219, down 0.02%. The pound is coming off a nasty four-day slide, in which it declined 1.19%.
Today’s UK’s GDP numbers weren’t pretty, but they managed to beat the forecasts, which has helped the British pound stabilize after a disappointing week. The economy flatlined in the third quarter, below the Q2 reading of 0.2% q/q but higher than the market consensus of -0.1%. Monthly, GDP eked out a gain of 0.2%, versus a revised 0.1% in July and above the market consensus of 0.0%. Read more...
GBP/USD holds above 1.2200 ahead of UK GDP, seems vulnerable near one-week low
The GBP/USD pair enters a bearish consolidation phase on Friday and oscillates in a narrow band, around the 1.2220-1.2225 area, just above a one-week low touched during the Asian session.
The US Dollar (USD) manages to preserve the overnight gains inspired by Federal Reserve (Fed) Chair Jerome Powell's remarks and turns out to be a key factor acting as a headwind for the GBP/USD pair. Speaking at an International Monetary Fund event, Powell said that they are not confident that they have achieved a “stance of monetary policy that is sufficiently restrictive to bring inflation down to 2 per cent over time. Read more...
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