Pound Sterling Price News and Forecast: GBP/USD was hit by UK data
|GBP/USD Price Analysis: Bulls breaking up through critical 4HR structure, blue skies on horizon
The pound has been one of the best-performing G10 currencies of late. Investors have been encouraged by an improvement in the coronavirus statistics for the UK as well as the easing of the lockdown.
In yesterday's note, GBP/USD is a loaded pair of fundamentals, technically ripe for the bears, the June 24th highs were targetted for which the price met and exceeded with a bullish pin bar.
While the fundamentals have not changed from a longer-term perspective, which could be troublesome for the following bullish technical outlook, there is still some topside analysis worth exploring this juncture.
GBP/USD Forecast: UK data hits the Pound
The British Pound was once again the weakest dollar’s rival. GBP/USD traded as low as 1.2479, a one-week low, on the back of UK GDP, which was up by 1.8% MoM in May, below the 5% expected. The number suggests that the economic comeback will be long and painful. The NIESR GDP estimate for the three months to June came in at -21.2%, worse than anticipated, and after printing at -19.1% in the previous month.
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