GBP/USD Retains Profits beyond 1.1600 before United Kingdom Data

Updated:

GBP/USD peels in-day losses near 1.1600 before the publication of important data today (Monday). To do this, GBP/USD strives to protect buyers during anxieties that the current inactivity in the United Kingdom may combine with recession anxieties in the country.

The British calendar for economic activities is prepared to entertain the buyers and sellers of GBP/USD today at 6.00 GMT. Also, the nation’s monthly GDP numbers will be published today. And, raising the importance of that time are the Trade Balance plus the Industrial Production data.

GBP/USD Retains Profits beyond 1.1600 before United Kingdom Data
Compass with US dollar notes. Selective focus

More Happenings with Potential of Influencing GBP/USD Price

After experiencing a decline of 0.6% in economic activities in June this year, market participants may be interested in July’s GDP publication. This will be used to affirm recent hawkish expectations from the National Bank (BOE). Also, this will be of much interest due to the recent election of the United Kingdom’s new Prime Minister.

Prediction proposed that the United Kingdom’s GDP will recover the past decline of 0.5% Month on Month recorded during July. Traders of GBP/USD are expecting the figures of the Service (3M/3M) for the time. Additionally, it is the Service 3M/3M may decline to -0.8% against a -0.4% for the same period, and this will provide more insight.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.