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Today at 8:30am UK Time. U.K. GDP q/q is the key indicator of the national economy growth and shows changes in the market value of goods and services produced in the country in the given quarter compared to the previous quarter. F:0.5%, P:0.5%. #GBPUSD may rally above 1.2750.
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For the last few days the GBPUSD has eased ever so slightly away from a one month high near 1.28 but in doing so, has just returned to the key 1.27 level which has accommodated the sterling now for the last month. It did fall away down to 2019 low close to 1.25 a week or so ago however it also rallied strongly and returned to the 1.27 level just as quickly. For the last month now, the GBPUSD has been content to trade very little and consolidate right around the key 1.27 level.
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Bank of England (BoE) Interest Rate Decision
on June 20, 2019
| By Stuart McPhee
|
GBPUSD
Today at 11:00am UK Time. BoE Interest Rate Decision is taken by monetary policy committee members and is published two weeks after the meeting. Interest rate growth is seen as positive for the sterling. F:0.75%, P:0.75%. #GBPUSD may drop below 1.2550.
Read MoreWelcome to this week’s Market Blast.
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On Tuesday last week we covered the EURUSD which finished the week falling sharply back to the key 1.12 level. In doing so, the 1.13 level offered no support whatsoever as it fell sharply through it. This was a complete reversal from the previous week which saw the EURUSD surge higher to its highest levels in three months and pushing through the resistance at the key level of 1.13.
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For the last week or so the GBPUSD has been content to trade very little and consolidate right around the key 1.27 level. It had done well a week or so ago to rally a little and get its head back above the current key level of 1.27 after having fallen to its lowest level this year below 1.2560. Significantly through most of May, the GBPUSD fell sharply from the key level at 1.32 down to the five month low before rallying recently.
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Welcome to this week’s Market Blast.
Read MoreUnited Kingdom Manufacturing Production m/m
on June 10, 2019
| By Stuart McPhee
|
GBPUSD
Today at 8:30am UK time. Manufacturing Production m/m shows the change in the value of goods produced in the manufacturing sector of the UK industry in the given month compared to the previous month. F:0.0%, P:0.9%. #GBPUSD may drop below 1.27.
Read MoreWelcome to this week’s Market Blast.
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On Tuesday last week we covered the GBPUSD which finished the week off rallying a little and trying to stop the rot of its large declines. It has however remained below the current key level of 1.27. In the last few weeks the GBPUSD has fallen sharply from the key level at 1.32 down to a five month low near 1.2560. It had previously done well to rally from a two month low up to the 1.32 level before sellers jumped in and turned the sterling away strongly.
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