GBP Jumpy Ahead of Manufacturing Data - Forex News by FX Leaders

GBP Jumpy Ahead of Manufacturing Data

Posted Friday, December 8, 2017 by
Skerdian Meta • 1 min read

GBP is feeling quite upbeat today. It started to climb yesterday in the afternoon and it has completed a 200 pip track upwards. That seems quite upbeat to me, particularly when it came after a 100 pip drop earlier yesterday.

The manufacturing report is to be released in a few minutes but I don’t think this is the reason for the bids we have seen in GBP pair during the last two trading sessions. Manufacturing activity is expected to have picked up by 0.1%, against 0.7% last month.

GBP/USD facing the resistance at 1.3550s again

That’s a bearish turn for this sector of the UK economy because, in the last few months, we have seen this sector grow steady at around 0.5%. Now, it dives back to almost flat. Although, we should wait for the actual number first.

The Brexit events are driving the GBP at the moment, so don’t expect fireworks from the manufacturing report. The UK and the rest of the EU are getting closer to an agreement and we have heard some positive comments in the last few days.

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About the author

Skerdian Meta // Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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