The British Pound (GBP) is a marginal outperformer among major peers so far today, with gains supported by further signs of a growth revival in the economy.
GBP set to rise towards 1.2900/50
“June GDP was unchanged on the month, as expected, while UK Q2 GDP rose 0.6% q/q, also in line with expectations. June industrial output rose 0.8% m/m, stronger than anticipated. Manufacturing jumped 1.1%, well ahead of forecasts for a 0.2% increase. Firm growth trends won’t stop the BoE from cutting rates again in the coming months, but the data tilts the risks slightly more against a move in September.”
“The GBP’s rally from the 1.26 highs has paused in recent sessions, but price patterns remain bullish for the pound as the pair consolidates gains. A bullish flag/wedge pattern may be developing on the intraday chart. Gains through 1.2865/75 in the next day or two should be the signal for GBP’s upside to resume towards 1.2900/50.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
