GBP Trading Outlook
The Sterling Pound (GBP) second release of Q1 GDP for the UK saw a revision lower to -0.2%, managed to weigh on the Pound. The Sterling Pound recorded a 2 month low at 1.5640
The Sterling Pound (GBP) was further compounded as a weak UK Retail Sales number (-2.3%) added to risk selling pushing the GBPUSD cross down. The Sterling Pound traded at fresh 3 month lows of 1.5667.
The Sterling Pound (GBP) slid despite CPI numbers coming in on expectations. Although the EURGBP cross managed to trade above the 0.8100 figure, the Sterling Pound was largely reflective of a weaker Euro, and a rampant greenback, pushing the GBPUSD lower from levels near 1.5850 to lows of 1.5740
The Sterling Pound (GBP) was also subject to contained moves, as focus shifted to a slate of domestic data in the later part of the week, led by Tuesday’s CPI release. The Sterling Pound traded either side of 1.5810 throughout much of the day. The EURGBP traded slightly higher, moving in to an upper parallel trend channel with a range of 0.8060 – 0.8100
The Sterling Pound (GBP) was indifferent in Friday trading, managing to rally against the USD in a late session sentiment shift, yet any further advance was limited as the EURGBP cross managed break to the upside, trading at 0.8060. The Cable (GBP/USD) managed to reverse off Asian session lows before closing near day highs above 1.5800
Go to The Sterling (GBP) Archive