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UK GDP disappoints with 0% in January, GBP/USD holds BOE-related gains

Yohay Elam FXStreet

The UK economy stagnated in January, worse than 0.2% expected and 0.3% in December. On a three month basis, the economy remained flat compared to 0.1% projected. Year over year, Gross Domestic Product is up 0.6% versus 0.9% projected and 1.2% in December.

Industrial Production fell by 0.1% in January, worse than +0.3% expected. Yearly, the output is down 2.9%, below -2.6% projected. Manufacturing production met expectations with 0.2% monthly and marginally missed with -3.6% compared with 3.5% projected.

GBP/UDS is trading around 1.2960, holding onto its gains after the Bank of England slashed interest rates by 50 basis points and introduced a new £100 lending scheme to counter the economic fallout from coronavirus.

See GBP/USD Forecast: Three reasons why the surprise BOE cut is pound-positive, levels to watch

Here are the latest moves on the 15-minute chart.

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

GBP/USD bounces off lows, back above 1.3200

After bottoming out near 1.3160, GBP/USD manages to regain a bit of shine and reclaim the 1.3200 mark and beyond at the end of the week. Stronger-than-expected UK Retail Sales data seem to be helping the British Pound limit its losses, while the chaotic UK political environment keeps the bulls at bay for now.

EUR/USD looks consolidative around 1.1460

EUR/USD stages a modest rebound after slipping to a three-month low below 1.1420 at the end of the week. That said, the pair now looks to consolidate humble gains just above 1.1460 despite growing uncertainty surrounding the next round of US-Iran negotiations, which keeps the US Dollar’s downside contained.

Gold slips back to six-day lows, targets $4,100

Gold retreats for the third consecutive day on Friday, eroding gains seen in the first half of the week and approaching the key $4,100 mark per troy ounce. Indeed, the precious metal continues to face headwinds from the Fed's hawkish stance and renewed uncertainty surrounding the next round of US-Iran negotiations.

Solana extends correction despite ETF inflows, RWA adoption

Solana (SOL) price edges below $70 extending its losses for the fourth straight day this week. The institutional demand for Solana is building, with steady inflows so far this week and Morgan Stanley’s amended S-1 filing for a Solana-focused Exchange-Traded Fund.

The Iran war didn't break the US economy, but what happens next?

Nearly four months after the start of the Iran war, the US economy remains remarkably resilient. While the conflict initially triggered a severe disruption to global energy markets and a sharp rise in Oil prices, recent diplomatic progress between Washington and Tehran has eased concerns about a prolonged supply shock.

Regime change: Inside Kevin Warsh's first move to make the Fed unreadable on purpose

The rate did not move. That was the least interesting thing about Kevin Warsh's first meeting in charge of the Fed. The FOMC held its benchmark at 3.50%-3.75% for the fourth straight meeting, exactly as priced, and then the new chair used his first press conference to dismantle the machinery the market has leaned on for a decade.

UK GDP disappoints with 0% in January, GBP/USD holds BOE-related gains

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