Trade Analysis & Reviews: 11.10.2019 - GBP/USD continues to grow,...

11.10.2019 01:08 AM

GBP/USD continues to grow, despite weak data from the UK

The continued sale of the dollar helped maintain the positive dynamics of the pound, but otherwise the prospects for the British currency are not very good. The UK economy fell by 0.1% in August against the expected stable value. Indicators of manufacturing and industrial production also fell short of forecasts. While the GBP/USD pair maintains its upward trend, although it has slightly deviated from recent highs in response to weak economic data. Demonstrating the miracles of resilience in the 1.2200 mark for the third consecutive session, the pair was able to restore positive movement, however, only amid continued active sales of the dollar.

In principle, weaker than expected macroeconomic data in the UK could not have a significant impact. Nevertheless, the positive impulse did not receive a new charge, while the pair confidently holds the blow and tries to gain a foothold at a new height, despite the fact that the UK monthly GDP report showed that the economy unexpectedly declined by 0.1% in August. In addition to this, UK manufacturing and manufacturing declined more than expected in August, although this drop was partially offset by a lower-than-expected trade deficit. Now it will be interesting to see if the pair can benefit from the positive movement or fail again at higher levels amid continuing uncertainty surrounding Britain's exit from the European Union.

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