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GBP/USD Daily Forecast – 25 July

Monday, Jul 24 2017
GBP/USD Daily Forecast – 25 July

There were no data releases from the UK yesterday, with focus being on upcoming GDP figures. 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.

In the US session, Existing Home Sales data was released. Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, decreased 1.8 percent to a seasonally adjusted annual rate of 5.52 million in June from 5.62 million in May. Despite last month's decline, June's sales pace is 0.7 percent above a year ago, but is the second lowest of 2017 (February, 5.47 million).

 

There will be no major data releases from the UK tomorrow. In the US session CB Consumer Confidence figures will be released. Analysts predict decline to 116.2.

 

Figures to watch:

 

CB Consumer Confidence (Tuesday 16:00)

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