GBP/USD Experiencing Downtrend Focuses Annual Low

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Beginning with the current economic downturn. This resulted in the UK’s recording a constant GDP in the first quarter of last year: 2021 yesterday. The United Kingdom Gross Domestic Profit correlates with the first prediction of a 0.8% Quarter on Quarter and 8.7% Year on Year. It is important to know that the anxiety of recession in the United Kingdom became formidable as inflation rise combined with the Brexit calamity. Also, the gloom surrounding the Ukraine-Russia crisis coupled with China Covid’s upsurge. All these combined burdens the GDP/USD.

As an attempt to combat economic gloom, the United Kingdom government is set to reduce value-added tax. Boris Johnson: Prime Minister and Chief of Staff and Steve Barclay proposed a 20% reduction in VAT. Furthermore, reports had it that this reduction will lower tax bills for many citizens.

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On the other hand, the careful feelings coupled with the market mood are anticipated to support the USD demand before key events. The key event includes the United States ISM Production PMI report for last month: June. Also, the United State dollar index corrected from two day high, ending yesterday trading at 104.75. Consequently, more demand for the USD results in GBP/USD fall.

Displaying the feelings, the S&P 500 Features dipped by 0.80% to record five days on arrow falling. Meanwhile, the United States Treasury yield corrected the early Asian period bounce to roughly 3%. Consequently, this renewed the 21-day low.

Finally, the reading of the United Kingdom’s S&P Global Manufacturing PMI comes before the United Kingdom ISM manufacturing PMI for June. This will serve as a guide to decisions. Nevertheless, more focus will be on the talks about recession, Brexit, and Politics will be a compass to GBP/USD traders.

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