The GBP/USD pair came under pressure as investors prepared for the upcoming economic numbers from the UK.
UK Economic Data AheadOn Friday, the Office of National Statistics (ONS) published strong economic numbers from the UK. These numbers revealed that the country’s economy expanded rapidly in November last year. This happened as companies boosted their fixed asset investments and exports increased. The manufacturing and industrial production sectors also improved during the month.
This week, the ONS will publish additional economic numbers that will provide details about the country’s economy. In the morning session today, the ONS will deliver the latest jobs numbers.If the trend continues, the data will show that the country’s unemployment rate declined from 4.2% in October to 4.1% or 4.0% in November. At the same time, the number of claimant count is expected to have declined in December.
Russia will not export oil subject to Western price cap, deputy prime minister says
The move by the West to prohibit shipping, insurance and re-insurance companies from handling cargoes of Russian crude above the cap, is an attempt to punish Putin for the Ukraine conflict. Read more >>
GBP/USD Forex Signal: Pullback to 1.3600 LikelyThe $ GBPUSD pair attempted to make a comeback on Monday as concerns about the Boris Johnson administration remained.
BTC/USD Forex Signal: Neutral Outlook with Bearish BiasThe $BTCUSD pair moved sideways during the weekend as investors attempted to buy the dip following last week’s major crash. Bitcoin Forex
EUR/USD Forex Signal: Break and Retest Pattern to FormThe EUR/USD pair retreated slightly on Friday after the US published relatively weak retail sales numbers.
AUD/USD Forex Signal: Bearish Head and Shoulders at 0.7200The Australian dollar has been weak since markets opened this week. Trade with our Forex signal here:
EUR/GBP to march forward as sterling faces some headwinds – Danske BankEUR/GBP has been volatile but GBP has seen support. In the opinion of economists at Danske Bank, the scope of sterling strength has likely come to an
GBP/USD: UK politics is in the driving seat, BoE in focus alsoGBP/USD is around flat on the day so far in a quiet start to the week following a significant correction on Friday with demand for the US dollar that
Get Started NOW! UK Economic Data Ahead On Friday, the Office of National Statistics (ONS) published strong economic numbers from the UK.Get Started NOW! Key Economic Data The GBP/USD pair has struggled in the past few days as political concerns remain.Bitcoin , the biggest cryptocurrency in the world, has been under intense pressure in the past few weeks.Get DailyForex analysis to your email Subscribe Get DailyForex analysis to your email Enter your email We commit to never sharing or selling your personal information There is a possibility that the pair will retest the support at 1.
These numbers revealed that the country’s economy expanded rapidly in November last year. This happened as companies boosted their fixed asset investments and exports increased. While the prime minister sent an apology message to the queen last week, many people in his party believe that he will not finish his current term. The manufacturing and industrial production sectors also improved during the month. In November, the Fed decided to start tapering its asset purchase program. This week, the ONS will publish additional economic numbers that will provide details about the country’s economy. These challenges are coming out at a time when the UK is about to start Brexit negotiations with the European Union. In the morning session today, the ONS will deliver the latest jobs numbers. Add a stop-loss at 1.
If the trend continues, the data will show that the country’s unemployment rate declined from 4. The UK wants to resolve the crisis and has warned that it could trigger Article 16 if it does not get its wish. For one, minutes published this month showed that officials were considering implementing about three rate hikes this year.2% in October to 4.1% or 4. The ONS will publish the latest jobs numbers on Tuesday.0% in November. The data revealed that the headline consumer inflation data rose to 7% as most analysts were expecting. At the same time, the number of claimant count is expected to have declined in December.2% in November as the country battled the new Covid-19 crisis.1300.
After the jobs data, the GBP/USD will react to the latest consumer inflation numbers that will come out on Wednesday. Like in the United States, economists expect the data will show that the country’s inflation rose from 5. Additionally, analysts expect the data to show that the country’s inflation rose from 5. Bitcoin and other risky assets tend to underperform in a period of high-interest rates.1% in November to 5.2% in December last year.2% in December. Excluding the volatile food and energy prices, they expect that inflation dropped from 4.1410, which is slightly below last week’s high of about 1.
0% to 3.0%.9%, which will be a sign that inflation is peaking. Finally, on Friday, the ONS will publish the latest retail sales numbers for December. GBP/USD Forecast The four-hour chart shows that the GBP/USD pair has been in a strong bullish trend in the past few weeks. Recently, most retailers like Tesco, Sainsbury’s, and Marks and Spencer have upgraded their outlook for their holiday shopping period. The GBP/USD pair has also declined as the political situation in the UK worsens. It has risen above the ascending trend line that is shown in black. Also, there will be no major economic data from the European Union today.
With the Boris Johnson administration under pressure, there are concerns about how long Johnson will be the prime minister. GBP/USD Forecast The four-hour chart shows that the GBP/USD pair formed a strong top at 1. Also, it is slightly below the 25-day moving average while the has moved below the overbought level.3745 last week. It has dropped by about 0.3600.70% since then. First, the pair will decline as demand for the safety of the US dollar rises.
As a result, the pair has moved below the 25-day moving average. But it remains above the 50-day EMA while the has moved from the extreme overbought zone of 74 to the current 26. Therefore, the pair will likely resume the bullish trend after the latest UK economic data. Besides, the price is above the ascending trendline shown in black. Top Forex Brokers . On Tuesday, the ZEW Institute will publish the latest economic sentiment data.