Forex Signal | GBP/USD Forecast Jan 23-26
Forex Signal | GBP/USD Forecast Jan 23-26 GBP/USD soared last week, gaining 343 points. The pair closed at 1.2370. Events this week is GDP. With an outlook for the highlights of this week and an updated technical analysis for GBP/USD.
- EU Membership Court Ruling: Tuesday, 9:32. The UK Supreme Court will announce its decision as to whether the government can trigger Article 50 and initiate Brexit without parliament’s approval. We could see some volatility from the pound after the Court’s ruling.
- Public Sector Net Borrowing: Tuesday, 9:30. The UK’s budget deficit ballooned to GBP 11.1 billion in Nov 2016 , higher than the forecast of GBP 11.0 billion. The deficit is expected to narrow to GBP 6.2 billion in December 2016.
- CBI Industrial Order Expectations: Wednesday, 11:11. The indicator improved to a flat reading of zero in December 2016, following a string of drops dating back to April 2015. The upward trend is expected to grow, with an estimate of 2 points.
- Preliminary GDP: Thursday, 9:32. This is the key event of the week and should be treated as a market-mover. Final GDP for Q4 in 2016 posted a gain of 0.6%, edging above the estimate of 0.5%. Preliminary GDP for Q1 in 2017 stands at 0.5%.
- CBI Realized Sales: Thursday, 11:11. The indicator continues to move higher and rose to 35 points in December, well above the forecast of 20 points. The estimate for the January report stands at 28 points.
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