FxPremiere Group events on Signals Forex on GBP Falls Further as UK GDP Hit
Signals Forex on GBP Falls Further as UK GDP Hit
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Signals Forex on GBP Falls Further as UK GDP Hit by FxPremiere Group
Sterling continues to weaken as Brexit fears hit household spending and manufacturing.
– Sterling could be set for further falls.
UK growth remains slow, and below trend, as Brexit worries begin to bite.
UK second quarter GDP was confirmed Thursday at 0.3% q/q and 1.7% y/y in line with market expectations but other data showed the economy slowing further. Business investment was flat on the quarter compared to +0.6% in Q1, the weakest since Q4 2016, while household spending slipped back to 0.1% compared to last quarter’s 0.4%, the lowest level since Q4 2014.
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Sterling, already under pressure from ongoing Brexit worries, fell further against both the EUR and USD. EUR/GBP traded at 0.92250, the highest level since the ‘flash crash’ on October 3 2016, while GBP/USD fell to a two-month low of 1.27845.
Commenting on today’s GDP figures, Head of GDP Darren Morgan wrote,
“GDP growth has slowed markedly in the first half of the year with relatively robust services growth, partly thanks to a booming film industry, offset by weak performances from manufacturing and construction in the second quarter.Household spending grew weakly, with the lower-value pound hitting household budgets, while business investment showed no growth at all.”
Crude Oil, Gold Prices Reflect Market-Wide Focus on Jackson Hole
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- Crude oil prices edge up within familiar range EIA data
- Silver putting in a lot of time around the 211-day MA
- Gold prices rejected at 9 month high
- Crude oil prices jump as market spreads strength
- Gold prices mark time in territory before Yellen speech
GOLD TECHNICAL ANALYSIS – Gold prices continue to move below resistance in the 1295.50-1300.48 area though low level RSI divergence still hints that a turn lower may be forthcoming. A daily close below 1278.24 exposes the 38.1% level at 1264.26. Push through of resistance targets the 50% expansion at 1310.78.
CRUDE OIL TECHNICAL ANALYSIS – Crude oil prices are having issues to make a break of trend line support stalled above the $47/ barrel figure. Breaking the 38.3% Fibonacci expansion at 46.68 on a daily closing basis paves the way for a test of the 50% level at 45.50.
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