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GBP/USD Rallies as NIESR GDP Estimate Hits Highest Level Since September

GBP/USD Rallies as NIESR GDP Estimate Hits Highest Level Since September

Christopher Vecchio, CFA, Senior Strategist

THE TAKEAWAY: Recent upswing in UK PMI data has lifted growth estimates > NIESR GDP Estimate highest since September 2012 (+0.7%), tied best since July 2010 (+1.2%) > GBPUSD BULLISH

Optimism over the UK economy has flourished in recent weeks, a trend that began back in late-May. Today’s information fits neatly in with this evolving theme – the UK economy being the fastest growing in all of developed Europe – and the British Pound has responded accordingly.

In light of both improved primary (GDP, CPI) and secondary (Industrial and Manufacturing Production, PMI surveys) data, here’s today’s print that is help support the Sterling:

- NIESR GDP Estimate (JUL): +0.7% from +0.6% (m/m)

Watch more: Video: Make or Break Moment for GBP/USD Ahead of BoE’s Inflation Report

GBPUSD 1-minute Chart: August 6, 2013

GBPUSD_Rallies_as_NIESR_GDP_Estimate_Hits_Highest_Level_Since_September_body_x0000_i1027.png, GBP/USD Rallies as NIESR GDP Estimate Hits Highest Level Since September

Charts Created using Marketscopeprepared by Christopher Vecchio

Following the release, the GBPUSD initially sputtered around $1.5350 and dipped as low as 1.5344 in the ensuing minutes. However, within 30-minutes of the data out, the GBPUSD had rallied from a low of 1.5344 to as high as 1.5376, before falling back to 1.5366, at the time this report was written.

--- Written by Christopher Vecchio, Currency Analyst

To contact Christopher Vecchio, e-mail cvecchio@dailyfx.com

Follow him on Twitter at @CVecchioFX

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