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Webinar: UK Trade and Industrial Data Lift the British Pound

Webinar: UK Trade and Industrial Data Lift the British Pound

Martin Essex, MSTA, Analyst

Talking Points

- The British Pound rallied Thursday after a mixed batch of UK economic figures.

- However, it failed to break out of its recent trading ranges.

Want to know more about the prospects for GBP? Check out our new Trading Guides: they’re free and have been updated for the third quarter of 2017

UK industrial production figures beat expectations in June but construction output figures were disappointing and the trade deficit was higher than economists had predicted.

In response, the British Pound strengthened modestly against other currencies but failed to break out of its recent trading ranges.

Chart: GBPUSD Five-Minute Timeframe (August 10, 2017)

Webinar: UK Trade and Industrial Data Lift the British Pound

Chart by IG

The figures were released as the dispute between the US and North Korea escalated, pushing up further the prices of so-called haven assets such as the Japanese Yen, the Swiss Franc, gold and core government bonds such as US Treasuries and German Bunds. Riskier assets such as stocks continued to suffer.

--- Written by Martin Essex, Analyst and Editor

To contact Martin, email him at martin.essex@ig.com

Follow Martin on Twitter @MartinSEssex

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

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