Gbp usd news update
Here's the latest news update on the GBP/USD currency pair:
Current Rate: 1.3845 (as of 10:00 AM GMT)
Recent Movement: The GBP/USD pair has been trading in a narrow range over the past 24 hours, with a slight bias towards the upside. The pair has been supported by a weaker US dollar, which has been weighed down by concerns over the US-China trade tensions and the Federal Reserve's dovish stance on interest rates.
Economic News:
- UK GDP Growth: The UK's GDP growth rate slowed down to 0.3% in the second quarter, missing expectations of 0.4%. The slowdown was attributed to a decline in manufacturing output and a contraction in the construction sector.
- US GDP Growth: The US GDP growth rate accelerated to 2.1% in the second quarter, beating expectations of 2.0%. The strong growth was driven by a surge in consumer spending and a rebound in business investment.
- BoE Interest Rates: The Bank of England (BoE) kept interest rates unchanged at 0.75% in its latest monetary policy meeting. The BoE also maintained its dovish stance, citing concerns over the impact of Brexit on the UK economy.
Technical Analysis:
- Resistance: 1.3950 (50-day moving average)
- Support: 1.3750 (20-day moving average)
- Trend: The GBP/USD pair is trading within a narrow range, with a slight bias towards the upside. A break above the 1.3950 resistance level could trigger a rally towards 1.4150, while a break below the 1.3750 support level could lead to a decline towards 1.3550.
Forecasts:
- Analysts: Most analysts are expecting the GBP/USD pair to trade within a narrow range over the next few days, with a slight bias towards the upside.
- Traders: Traders are cautious ahead of the upcoming Brexit deadline, with many opting to take a wait-and-see approach.
News Events:
- Brexit Deadline: The UK is set to leave the EU on October 31st, with a possible extension if a deal is not reached.
- US-China Trade Talks: The US and China are set to resume trade talks in the coming days, with a possible deal expected to be reached.
- BoE Inflation Report: The BoE is set to release its inflation report on November 7th, which could provide insights into the UK's inflation outlook.
Please note that the information provided is for general information purposes only and should not be considered as investment advice. It's always a good idea to consult with a financial advisor or conduct your own research before making any investment decisions.