U.K. GDP data

• Business investment (q/q) (Q2), fact -0.4%, forecast -0.5%.
• Current account balance (Q2), fact -25.2B, forecast -19.5B.
• GDP (y/y) (Q2), fact 1.3%, forecast 1.2%.
• GDP (q/q) (Q2), fact -0.2%, forecast -0.2%.

U.K. GDP data for the 2nd quarter showed moderate growth, pointing to attempts to slow down the downward trend, which has accelerated in recent months.

Fig. 1. U.K. GDP chart (y)

The British pound received a support against the background of positive data on the growth rate of the UK economy. Given the expectation of stimulation of the economy by the Bank of England, the British upward trend will remain limited. So, the GBP/USD pair retreated from weekly lows at 1.2300-1.2270, but continues to be limited by a downtrend and resistance levels: 1.2350 and 1.2380.

Fig. 2.  GBP/USD chart. Current price – 1.2320

Read also: “The pound is growing on Johnson’s failures”

Hanzenko Anton

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