Yesterday the pound finally managed to push off the market “bottom” in the pair with the USD, GBPUSD currently trading at 1.2435.
Finally, the pound left the 27-month’s minimum. The main depressing factor is still the possibility of exiting the EU by a tough scenario without a transition period. However, the market must have considered the pound excessively oversold. Yesterday’s statistics on the price situation yielded nothing new: the inflation in June remained at 2% (calculated yearly) as expected, the basic inflation grew to 1.8% (calculated yearly) in accordance with the forecasts.
In the afternoon Great Britain will publish the statistics of the retail in June. The forecasts promise a decline by 0.3% (calculated monthly) after a 0.5% drop a month before. The reduction of consumer activity may leave production without orders and the economy – without serious footing. The problem must be in rather vague economic perspectives, making the British cut down on the expenses.
The Bank of England will also file the report on the state of the credit market.
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.