U.K. data

• GDP (m/m), fact 0.3%, forecast 0.3%.
• Industrial Production (m/m) (May), fact 1.4%, forecast 1.6%.
• Production volume in the manufacturing industry (m/m) (May), fact 1.4%, forecast 2.2%.
• Change in monthly GDP 3m/3m, fact 0.3%, forecast 0.1%.
• Trade balance (May), fact -11.52B, forecast -12.55B.
• Trade balance excluding EU countries (May), fact -4.91B, forecast -4.70B.

UK data turned out to be mixed. Thus, the main data on the UK GDP coincided with the forecast and did not affect the pound. At the same time, data on industrial production, despite the recovery after the collapse, did not meet market expectations, which can be regarded as a negative fact. But the change in GDP and the UK trade balance deficit shifted to the positive zone, which offset the negative data on industrial production.

Fig. 1. UK change in monthly GDP 3m 3m

The British pound received a support from the published data, which strengthened the correction after the decline, while maintaining the downward dynamics. The GBP/USD pair has moved to the correction, limited to the downward trend and resistance levels: 1.2500 and 1.2530.

Fig. 2. GBP/USD chart . Current price – 1.2470

Read also: “Prospects for the dollar by the end of September  beginning of October 2018″

Hanzenko Anton

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