GBP/USD trims some Wednesday’s losses, clings to 1.3450
Sterling trades up during the day, despite downbeat market sentiment. UK’s economy expanded 5.5% in the third quarter. US Initial Jobless Claims rose to 362K, thus hurting the US Dollar. The GBP/USD is rising for the first day out of three, trading at 1.3466, advancing 0.29% in the day at the time of writing. Read more...
Sterling remains pressured even as GDP bounces
UK GDP revised sharply higher in the final reading. The quarterly growth rate was boosted to 5.5% from 4.8% previously, which left the annual rate at 23.6% y/y. The annual comparison is of course distorted by virus developments, but nevertheless the numbers look positive, and while the breakdown showed that government consumption accounted for a part of the revision, the external balance also looked more healthy, with exports rising 6.2% q/q and imports a mere 2.4% q/q. Read more...
GBP/USD Forecast: Is the recovery over? Massive dollar strength and a trio of UK issues point down
GBP/USD has been struggling to recover from Wednesday's sharp fall. Taper-related dollar strength will likely continue as Fed Chair Powell speaks again. Brexit, the end of the furlough scheme and petroal shortages are set to weigh on sterling. Thursday's four-hour chart is showing cable is outside oversold territory. Is the pound an emerging market currency? Sterling's 300+-pip collapse raised the unflattering comparison, and several reasons suggest more falls could come. Read more...
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