GBP Jumpy Ahead of Manufacturing Data
UK manufacturing will be out soon and the GBP feels jumpy. Let's see how much effect this report will have on the GBP
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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