GBP News

The UK unemployment rate remained unchanged in three months to December, the Office for National Statistics said on Tuesday.

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UK house prices rose at the fastest annual pace since mid-2007 to a record high in February, survey data from the Llyods Bank subsidiary Halifax showed Monday.

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The UK economy rebounded at a faster-than-expected pace at the start of the year after the impact of the Omicron variant eased, data released by the Office for National Statistics revealed Friday. Gross domestic product grew 0.8 percent in January, in contrast to the 0.2 percent fall in December. Economists had forecast a marginal growth of 0.2 percent for January.

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UK retail sales dropped unexpectedly in February, data from the Office for National Statistics revealed on Friday.

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The near term outlook remains bullish for the US Dollar as rate differentials continue to move in favour of the greenback. By the way, the daily GBP/USD price is on secondary ranging located near and below monthly Pivot level (monthly PP) at 1.3218 and above S1 level at 1.2999.
- If the daily price breaks monthly PP level at 1.3218 to above so the daily bullish reversal will be started.
- If the daily price breaks S1 level to below so the primary bearish trend will be resumed.
- Alternatively, the daily price will be ranging within the levels waiting for direction.
The chart (above) was made by using AllPivots_v4.7 600+ indicator (for MT4, the indicator is attached to the post).

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UK retail sales declined more than expected in March and the falling trend is likely to continue as consumer confidence fell near record low in April amid rising inflation and interest rates. Retail sales dropped 1.4 percent on a monthly basis, largely due to the 7.9 percent fall in non-store retailing.

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Cable continues to be plagued with the ‘stagflation’ tag as risk to growth restrict lofty rate hike plans. The NI protocol issue returns following the EU’ new proposal.

Weekly price is on bearish breakdown located in the bearish area of the chart. The price is trying to break the bearish triangle pattern with 1.2275 support level to below for the primary bearish trend to be continuing.

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UK retail sales grew unexpectedly in April despite consumer confidence sliding to a record low as soaring inflation boosted the cost of living further. Retail sales expanded 1.4 percent monthly, reversing a revised 1.2 percent decline in March, data published by the Office for National Statistics showed Friday.

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The pound continues to suffer from fundamental challenges like the cost-of-living squeeze, despite a strong labor market, ahead of tricky BoE decision.
Next week is a rather bumper week in terms of the economic calendar when you consider the amount of high impact US data that deserves to be mentioned within this forecast based purely on how influential USD data has been recently. This is largely based on the saying ‘when the US catches a cold, the whole world sneezes’.

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The UK economy shrank for the second straight month in April after services, construction and production contributed negatively for the first time in more than a year, the Office for National Statistics said on Monday. Gross domestic product fell unexpectedly by 0.3 percent on month, faster than the 0.1 percent drop in March.

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