We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Bearish
Oil - US Crude
Mixed
Wall Street
Bullish
Gold
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
GBP/USD
Mixed
USD/JPY
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
More View more
Real Time News
  • The $USD, Euro, British Pound and Australian Dollar will all be at the mercy of political developments in Asia, Europe and North America this week. An avalanche of PMI data will set the backdrop. Find out from @ZabelinDimitri here: https://t.co/L8cfAgVx94 https://t.co/THWhPAS6AM
  • The price of #gold plunged 1% immediately after the stunning US jobs report crossed the wires. Get your market update from @RichDvorakFX here: https://t.co/8i0L6YIqjy https://t.co/y9dIXazJf9
  • S&P 500, Dow Jones, Nasdaq explode higher with stocks surging in response to shockingly better-than-expected monthly jobs data. Get your #equities market update from @RichDvorakFX here: https://t.co/nuMVWOzzuC https://t.co/M3nGBjd7kZ
  • The record-breaking NFPs increase behind us and the FOMC rate decision on Wednesday sets the tone for my trading video: 'Dow Soars Above 200-Day Average on NFPs, Will the #Fed Keep the Dollar Sliding' https://www.dailyfx.com/forex/video/daily_news_report/2020/06/06/Dow-Soars-Above-200-Day-Average-on-NFPs-Will-the-Fed-Keep-the-Dollar-Sliding.html?ref-author=Kicklighter&QPID=917719&CHID=9 https://t.co/kquvec5HVc
  • Seasonal factors, oversupply issues and the outbreak of COVID-19 has seen the price of liquefied #naturalgas (LNG) fall to 22-year lows (1.519), with the situation exacerbated by ‘fuller-than-normal’ storage facilities. Get your market update here:https://t.co/VOqfkBQ4aR https://t.co/OsaphmqEmu
  • Are recent gains in the Indian Rupee and Nifty 50 warranted? Risks are brewing in the background, leaving USD/INR in a consolidative setting as the Nifty pressures resistance. Get your $USDINR market update from @ddubrovskyFX here:https://t.co/svDaSdprvN https://t.co/kgddX1ZHe4
  • I approve of this dry humor. https://t.co/b42GmIZDlL
  • The US Dollar may be at risk to losses against some of its #ASEAN counterparts. USD/SGD, USD/PHP, USD/MYR and USD/IDR have recently broken to the downside. Will losses continue? Find out from @ddubrovskyFX here: https://t.co/0RTlj6maTT https://t.co/59cdbPc4l7
  • The #Nikkei 225 trades at 4-month highs after a 50% surge from the March low, while the RSI registers its first overbought readings since November 2019. Get your market update from @DanielGMoss here: https://t.co/pOEt698Ooi https://t.co/EHD2EHmQLW
  • The British Pound technical outlook still seems to favor the downside. GBP/CAD may pressure key rising support from August as GBP/AUD could prolong its downtrend. GBP/CHF may fall. Get your $GBP market update from @ddubrovskyFX here: https://t.co/hBOpDKXmfW https://t.co/8gGfGuw87o
Pound Pops on an Upward Revision of UK GDP

Pound Pops on an Upward Revision of UK GDP

2013-08-23 09:11:00
Benjamin Spier, Technical Strategist
Share:

THE TAKEAWAY: UK economic expansion revised higher to 0.7% -> UK exports rise 3.6% -> Cable pops following the release

Want to trade with proprietary strategies developed by FXCM? Find out how here.

The Pound saw a tame bounce after the UK gross domestic product in the second quarter was revised higher in a second preliminary estimate.

UK GDP is now estimated to have risen 0.7% on a quarterly basis, better than the previous estimate for 0.6% GDP growth and the 0.3% economic expansion seen in the first quarter. The UK Office for National Statistics now approximates that GDP expanded 1.5% from Q2 of 2012, up from a previous estimate of 1.4%.

Exports were reported significantly higher in the second quarter, rising 3.6% on a quarterly basis, as imports also beat estimates by rising 2.5%. Private consumption rose an expected 0.4% in the second quarter, while government spending beat expectations for no change in spending, by rising 0.9% over the first quarter.

The UK Treasury reported that the economy is showing balanced growth and is on the right track, and specifically mentioned export and investment as encouraging. The Bank of England doesn’t give growth forecasts, but the central bank predicted muted growth in the first half of 2013. The BoE recently connected interest rates to the unemployment rate in a monthly report, therefore improved economic indicators are Pound positive.

The Pound is trading above 1.5600 against the US Dollar at the time of this writing, and a two-month high set recently at 1.5717 may provide resistance. The broken resistance level near 1.5600 may now see support for the pair.

New to Forex? Watch this video

GBPUSD Daily: August 23, 2013

Pound_Pops_on_an_Upward_Revision_of_UK_GDP_body_gbpusd.png, Pound Pops on an Upward Revision of UK GDP

Chart created by Benjamin Spier using Marketscope 2.0

-- Written by Benjamin Spier, DailyFX Research. Feedback can be sent to instructor@dailyfx.com .

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.