GBP/USD (week of 06-10/03)

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GBP/USD

Weekly Summary

Directionless the Pound remains idle around 1.2033 .

A good end to the trading week, GBP/USD is up to 1.2033, after closing yesterday at zero. Overall, a 0% move or 12,033 pips this week. (Trade the Pound with FXTM now).

Sterling-Dollar upside coincides with further encouraging market factors as United Kingdom GDP came out at 0.3%, better than analyst estimates of 0.1% and improving upon the previous reading of -0.5%. United Kingdom Construction PMI beat analyst expectations of 49.1 and the previous reading of 48.4 with new data of 54.6.

Nevertheless, highly important Manufacturing Production data from United Kingdom beat analyst expectations of -0.1% with a reading of -0.4%.

Meanwhile, United Kingdom Monthly GDP 3M/3M Change (Jan) released today at 07:00 UTC with a figure of zero, while the previous figure was zero. Fresh CFTC GBP speculative net positions data from United Kingdom came out at -21,400.

Also worthy of note, Tuesday data for United Kingdom Average Earnings Index +Bonus will be released, with an expected decline to 5.7 from the preceding figure of 5.9.

Furthermore, the market is looking at United Kingdom Claimant Count Change (Feb) will be released Tuesday. United Kingdom Employment Change 3M/3M (MoM) (Jan) is expected Tuesday.

Mar. 10, 2023

Sterling-Dollar currency pair adds 110 pips or 0.92%

(23:03) GMT

The British Pound trades at 1.2033 after gaining 110 pips (0.92%).

This move comes while some more positive signs for the Pound are out as United Kingdom GDP beat analyst expectations of 0.1% and the previous reading of -0.5% with new data of 0.3%.

Nevertheless, Manufacturing Production in United Kingdom fell short of market expectations (-0.1%) with a reading of -0.4%, continuing the decline from the previous figure of 0%.

Meanwhile, United Kingdom Monthly GDP 3M/3M Change (Jan) came out at zero, while a consensus of analysts was expecting -0.1.

GBP/USD made an initial breakout above its 21 day Simple Moving Average at 1.2019, a potential indicator of a newly emerging bullish phase.

Overall, looking at the technical analysis landscape, it seems the British Pound might continue pointing upwards in the short term.

Elsewhere, other currency pairs are also gaining ground as GBP/CAD added 0.89% to its value, now trading at 1.6633.

Meanwhile, after ending yesterday's session at 0.9325, USD/CHF lost 111 pips and is trading around 0.9213. After ending yesterday's session at 136.16, USD/JPY lost 105 pips and is trading around 135.11.

The currency pair has been trending lower for about a month. After setting a supportive marker at 1.0181 around 5 months ago, the British Pound is now trading 17.11% above this level.

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