The sterling pound is strengthened at the beginning of a week full of data from the United Kingdom
The sterling pound (GBP) is strengthened against its main peers at the beginning of the week. The British currency gains ground thanks to an optimistic Gross Domestic Product (GDP) of the United Kingdom and the February industrial production data. The National Statistics Office (ONS) reported Friday that the economy grew at a robust rate of 0.5% after remaining flat in January. Economists expected moderate growth of 0.1%. Meanwhile, monthly industrial and manufacturing production increased at a stronger pace.
This week, investors will focus on the publication of the United Kingdom employment data for the three months that ended in February and the March Consumer Price Index (CPI), which will be published on Tuesday and Wednesday, respectively.
GBP/USD forecast: the sterling pound extends its rally to the general weakness of the USD
After climbing almost 1% on Friday and closing the previous week with a gain of 1.5%, GBP/USD It preserves its bullish impulse on Monday and quotes above 1,3150. The perspective Short -term technique of the PAR points to overcompra conditions, but investors could refrain from betting on deep correction, given the generalized sales pressure surrounding the US dollar (USD).
The USD index, which tracks the valuation of the USD in front of a basket of six main currencies, lost 3% last week as the commercial conflict between the US and China deepened, feeding fears of an economic deceleration in the US.
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.
