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GBP/USD Nudges Higher After UK GDP Update, Brexit Meeting Nears

GBP/USD Nudges Higher After UK GDP Update, Brexit Meeting Nears

2019-10-10 08:55:00
Nick Cawley, Strategist
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GBP/USD Price, Charts and Analysis

  • GDP contracts in August but rolling 3-month growth beats expectations.
  • Brexit negotiations ongoing as PM Johnson’s meets Taoiseach Varadkar.

Brand New Q4 2019 GBP and USD Forecasts and Top Trading Opportunities

UK growth contracted in August, according to the latest Office for National Statistics (ONS) data but rolling 3-month GDP beat market expectations. GDP fell by 0.1% in August, compared to a flat reading in July, while 3m/3m GDP rose by 0.3% compared to expectations, and a prior month’s reading of 0.1%. The positive performance was aided by tv and film production boosting the services sector, while manufacturing performance remains weak, according to the ONS. The 3m/3m index of services rose by 0.4%, beating expectations and a prior month’s outturn of 0.2%.

GBP/USD Nudges Higher After UK GDP Update, Brexit Meeting Nears

GBPUSD nudged higher on the release before paring gains ahead of today’s Brexit meeting between UK PM Johnson and Irish Taoiseach Varadkar at mid-day. EU members and officials have been saying that this weekend is crunch time to see if there is the basis of a deal on the table ahead of the EU members meeting on October 17-18. Johnson’s latest offer has not found any favor with the EU, while yesterday’s rumor of a time-limited NI backstop offer by the EU has been refuted by the EU and rejected by the UK.

GBP/USD Five Minute Price Chart (October 10, 2019)

GBP/USD Nudges Higher After UK GDP Update, Brexit Meeting Nears

Traders may be interested in two of our trading guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are likely to be interested in our latest Elliott Wave Guide.

What is your view on Sterling, the US Dollar and/or Brexit – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author at nicholas.cawley@ig.comor via Twitter @nickcawley1.

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

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