U.K. GDP m/m
Today U.K. has scheduled to release many key indicators at the same time at 0600 GMT/1130 IST. They are GDP m/m, goods trade balance, Industrial production and Manufacturing productions results. In case of mixed data release, GBP might be volatile against major peers. U.K. GDP is the broadest measure of economic activity and the primary gauge of the economy’s health. While production result is a leading indicator of economic health – production reacts quickly to ups and downs in the business cycle and is correlated with consumer conditions such as employment levels and earnings.
Let’s see how GBP has reacted during the previous data release:
- The sterling strengthens sharply ahead of U.K.’s multiple economic results and hovers around $1.3850 mark.
- Today pair made intraday high at $1.3848 and low at $1.3832 mark.
- A day chart is down and H1 chart with triple EMA suggests bullish trend for the time being.
- A sustained close above $1.3856 on H1 chart will check key resistances.
- Alternatively, a consistent close below $1.3810 will check further supports.
Take a look and do trade wisely!