GBP News

British manufacturing order books improved in May and output growth picked up pace, the Industrial Trends Survey from the Confederation of British Industry showed Friday.

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GBPUSD remains in uptrend from 1.2365. As long as the pair is in the ascending price channel on 4-hour chart, the uptrend could be expected to continue and further rise to 1.3100 area is still possible. Near term support is at the bottom of the price channel, and the key support is at 1.2844, only a breakdown below this level will indicate that the upward movement had completed at 1.3047 already, then the following correction pullback could take price back into 1.2700 zone.

GBPUSD is facing the resistance of the ascending trend line at around 1.2930 on its 4-hour chart. As long as the pair is below the trend line, the bounce from 1.2769 could be treated as consolidation of the downtrend from 1.3047, and another decline towards 1.2700 is still possible after the consolidation. Only a clear break above the trend line resistance will suggest that the uptrend from 1.2109 (Mar 14 low) has resumed, this could trigger another rise towards 1.3300.

GBPUSD’s bounce from 1.2769 extended to as high as 1.2949. However, the bounce would possibly be correction of the downtrend from 1.3047. As long as the pair is below the ascending trend line on its 4-hour chart, another fall is possible after the correction and next target would be at around 1.2600. Near term support is at 1.2845, a breakdown below this level could take price to the next support level at 1.2769, below this level will confirm that the downtrend has resumed.

British economic growth remained below-average in the three months to May, same as in the previous period, as the weaker performance in production was offset by a mild rebound in services, the National Institute of Economic and Social Research said Friday.

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The UK general election result created uncertainty over the policy platform, political cohesion and longevity of the next UK government, Fitch Ratings said Friday.

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The Bank of England is more likely to keep rates firmly on hold than before the election at the next week's meeting and refrain from making any strong signals about the outlook for policy, Paul Hollingsworth, an economist at Capital Economics, said.

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The number of Britons who became naturalized German citizens jumped a record 361 percent in 2016 as the UK chose to leave the European Union, figures from the Destatis showed Tuesday. The statistical agency said that 2,865 Britons became German citizens in 2016, marking an increase of more than 2,200 persons from 2015.

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GBPUSD formed a sideways movement in a trading range between 1.2634 and 1.2779 on its 4-hour chart. As long as the pair is below 1.2779 resistance, the price action in the range could be treated as consolidation of the downtrend from 1.3047, and another fall towards 1.2500 could be expected after the consolidation. On the upside, a break through 1.2779 level could take price to the next resistance level at 1.2850, only break above this level could signal completion of the downtrend.

GBPUSD remains in the downtrend from 1.3047, the bounce from 1.2634 could be treated as consolidation of the downtrend. Range trading between 1.2634 and 1.2850 would likely be seen in a couple of days. As long as 1.2850 resistance holds, the downtrend could be expected to resume and another fall towards 1.2500 is possible after the consolidation. On the upside, a break of 1.2850 resistance will indicate that the downtrend had completed at 1.2634 already, this could trigger another bullish move towards 1.3280.