GBPUSD - Heads below trendline support
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The GBP/USD failed to maintain its support level and has been pulled down by the stronger US dollar. It is now retesting the convergence support level at 1.264, which coincides with the 100-day moving average and the lower edge of the Ichimoku cloud on the daily chart. Breaking below 1.264 could lead to a further test of the 1.239 level.
The UK's GDP for the upcoming second quarter is expected to grow by 0.2%, remaining unchanged from the first quarter. This indicates that the UK economy is currently managing to avoid a recession. Monthly GDP is projected to grow by 0.5% compared to the same period in June. However, the Bank of England (BoE) plans to tighten further in the coming months, posing a risk to growth conditions. Any weaker-than-expected GDP readings could challenge the optimistic view of a more accommodative BoE and warrant further consideration for this currency pair.
The UK's GDP for the upcoming second quarter is expected to grow by 0.2%, remaining unchanged from the first quarter. This indicates that the UK economy is currently managing to avoid a recession. Monthly GDP is projected to grow by 0.5% compared to the same period in June. However, the Bank of England (BoE) plans to tighten further in the coming months, posing a risk to growth conditions. Any weaker-than-expected GDP readings could challenge the optimistic view of a more accommodative BoE and warrant further consideration for this currency pair.
Note
GBP has struggled over the past few weeks since retreating from recent highs. GBPUSD remains range-bound as market participants remain unclear on the Bank of England (BoE)'s future path.
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