News & Analysis at your fingertips.

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. See our updated Privacy Policy here.



Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events


Economic Calendar

Economic Calendar Events

Free Trading Guides
Please try again
Oil - US Crude
Wall Street
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
  • What suits your style of trading stocks or commodities? Find out what are the differences in these two markets here:
  • (Weekly Technical Outlook) US Dollar Outlook, Key Trend Reversals Playing Out? USD/CAD, AUD/USD, EUR/USD, GBP/USD #USD $USDCAD $AUDUSD $EURUSD $GBPUSD
  • Forex quotes reflect the price of different currencies at any point in time. Since a trader’s profit or loss is determined by movements in price, it is essential to develop a sound understanding of how to read currency pairs. Learn how to read quotes here:
  • The non-farm payroll (NFP) figure is a key economic indicator for the United States economy. It is also referred to as the monthly market mover. Find out why it has been given this nickname here:
  • It’s important for traders to be familiar with FX spreads as they are the primary cost of trading currencies. Understand a pair's spread here:
  • Dealing with the fear of missing out – or FOMO – is a highly valuable skill for traders. Not only can FOMO have a negative emotional impact, it can cloud judgment and overshadow logic. Learn how you can control FOMO in your trading here:
  • Rollover is the interest paid or earned for holding a currency spot position overnight. Learn how to earn rollover interest on your open positions here:
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here:
  • The continuity seen across these volatility cycles is a good thing. Historical precedence offer a blueprint for identifying conditions supportive for a vol-event to occur, and how they may unfold. Deepen your knowledge of historical volatility here:
  • Get your snapshot update of the of relative currency strength and exchange status from around the globe here:
GBP/USD Overlooks Robust UK GDP Figures To Trade Firmly Below 1.6300

GBP/USD Overlooks Robust UK GDP Figures To Trade Firmly Below 1.6300

Edward Hyon,

Talking Points:

  • UK GDP (QoQ) (2Q F): 0.9% Actual Vs 0.8% Estimated; 0.8% Prior.
  • UK GDP (YoY) (2Q F): 3.2% Actual Vs 3.2% Estimated; 3.2% Prior.
  • GBP/USD Plunged to Trade Below 1.6300 After UK GDP Figures.

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

The UK Finalized Gross Domestic Product (GDP) for the second-quarter came in at 0.9 percent versus 0.8 percent expansion in the first-quarter. This slightly exceeded market expectations of 0.8 percent. Moreover, the year-on-year reading revealed 3.2 percent expansion in the UK economy, which met market’s forecast. Robust GDP figures suggest high levels of economic activity and expansion, which supports inflationary pressures. This may mean Bank of England will be more inclined to tighten their monetary policy by potentially increasing rates, which are generally bullish for the currency.

Ahead of the data, the British Pound traded higher against the US Dollar to hit a session high of 1.6289. Immediately after the release of the GDP figures, GBP/USD extended gains, however it was not enough to propel it higher as it soon lost steam.

Advancing ahead, September’s USD Consumer Confidence will take most of the attention at 14:00 GMT. A gauge used to assess consumer sentiment regarding employment, business conditions, and personal income is expected to show a print of 92.5 in September compared to 92.4 in August. A number equal to or higher would mean consumer confidence will be at the highest level since November 2007. This result will bode-well for the US Dollar as consumer spending is likely to be stronger in the horizon, which will translate into inflationary pressures.

From a technical angle, DailyFX Currency Strategist Ilya Spivak mentions near-term support to rest at 1.6088 (38.2 percent Fibonacci Expansion) and resistance at 1.6255 (23.6 percent Fibonacci Expansion). He is short the cable at 1.6233, initially targeting 1.6088. Meanwhile according to DailyFX Speculative Sentiment Index, the ratio of long to short positions in the GBP/USD stands at 1.10 as 52 percent of traders are long.

GBP/USD 5 Minute Chart

GBP/USD Overlooks Robust UK GDP Figures To Trade Firmly Below 1.6300

Daily Chart - Created Using FXCM Marketscope 2.0, Volume Indicator Available Here


Edward Hyon, DailyFX Research Team

Keep up to date on event risk with DailyFX Calendar

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