Pound Sterling Price News and Forecast: GBP gains ahead of key UK GDP data

FXStreet Team FXStreet

Pound Sterling gains ahead of key UK GDP data

The Pound Sterling (GBP) gains against its major peers, except antipodeans, on Wednesday. The British currency trades higher ahead of the United Kingdom (UK) monthly Gross Domestic Product (GDP) and factory data, which will be released on Thursday.

The UK Office for National Statistics (ONS) is expected to show that the economy expanded 0.1% in November. Meanwhile, month-on-month (MoM) Manufacturing Production is estimated to have grown steadily by 0.5%, with Industrial Production remaining broadly flat. Read more...

GBP/USD: Major support at 1.3390 is unlikely to come under threat – UOB Group

Pullback has scope to extend; the major support at 1.3390 is unlikely to come under threat. In the longer run, GBP is likely in a range-trading phase between 1.3390 and 1.3520, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

24-HOUR VIEW: "Following the sharp rebound in GBP that reached a high of 1.3486 two days ago, we indicated yesterday that 'the sharp rebound has scope to test 1.3495 before a pullback can be expected'. We pointed out that 'the major resistance at 1.3520 is not expected to come under threat'. Read more...

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EUR/USD eases modestly following the release of US data

EUR/USD is showing little reaction to the latest US releases. The pair is still stuck to familiar levels around 1.1650 following the release of upbeat US Retail Sales, up 0.6% in November. Inflation at wholesale levels in the country rose in November, according to the latest Producer Price Index release.

GBP/USD eases from tops, back to 1.3440

GBP/USD trades on a positive note on Wednesday, receding from earlier highs around 1.3460, now hovering in the 1.3440 region. US data failed to make an impression with the Greenback barely advancing following upbeat Retail Sales figures, hotter Producer Price Index.

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Gold prices rapidly left behind Tuesday’s pullback and reached record highs near $4,640 on Wednesday, trading nearby in the American session. The yellow metal’s uptrend remains propped up by Fed rate cut bets, lower US Treasury yields across the curve, and absent speculative interest around the buck.

US Retail Sales expected to arrive moderately higher on Wednesday

The United States Census Bureau will publish November Retail Sales on Wednesday. The delayed data is expected to show that sales rose a modest 0.4% in the month, following no change in October. The figure is relevant as it corresponds most closely with the consumer spending component of Gross Domestic Product.

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