Slowing U.K. GDP to Undermine GBP/USD Rebound

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Monday, Jul 24 2017

Slowing U.K. GDP to Undermine GBP/USD Rebound

GBP/USD appears to be making a run at the monthly high (1.3126) as it initiates a series of higher highs & lows, but the 2Q U.K. Gross Domestic Product (GDP) report may undermine the rebound in Cable as the growth rate is expected to slow to an annualized 1.7% from 2.0% during the first three-months of 2017.

Another below-forecast GDP print may encourage the Bank of England (BoE) to preserve the record-low interest rate throughout 2017 as it dampens the risk for above-target inflation, and the majority of central bank officials may continue vote in favor of the wait-and-see approach as the U.K.’s departure from the European Union (EU) clouds the economic outlook with high uncertainty. As a result, GBP/USD may consolidate over the near-term as the technical outlook remains cluttered with mixed signals.

More in this category: « USD - Major events in the week ahead French PMI report showed mixed figures »

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