GBP/USD remains on the defensive below the 1.2700 area, UK GDP eyed
The GBP/USD pair remains on the defensive around 1.2680 during the early Asian session on Friday. Market participants turn cautious ahead of the top-tier economic data released from the UK and US.
Market players anticipated that the UK could avoid the recession as the data shows inflationary pressures easing. The highlight of the day will be the UK monthly Gross Domestic Product (GDP) report on Thursday. The growth rate is expected to grow by 0.2% in June, compared to 0.1% prior. While the quarterly GDP is expected to stay at 0% versus 0.1% prior. Read more…
GBP/USD Price Analysis: Cable bears eye 1.2570 and UK GDP
GBP/USD remains on the back foot at the lowest level in a week, pressured near 1.2670 amid the early hours of Friday’s Asian session. In doing so, the Cable pair traders portray the cautious mood within a three-week-old bearish trend channel, despite holding lower grounds after declining in the last three consecutive days.
It’s worth noting that the Pound Sterling trader’s anxiety can be linked to Friday’s scheduled release of the first readings of the UK’s second quarter (Q2) Gross Domestic Product (GDP), expected 0.0% QoQ versus 0.1% prior, especially amid fears of British recession. Read more…
