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GBP can't see the bottom


14 July 2022

GBPUSD remains under bearish pressure on Thursday. The Pound Sterling is retreating against the USD without looking back. The current quote for the instrument is 1.1840. The key reason for this decline is the strength of the American currency. As long as the “greenback” is in demand as a “safe haven” asset and benefits from the interest rates difference, the Pound has no chances and other options. 

At the same time, the statistics provide no serious support for the GBP. The data published yesterday showed that Industrial Production in the United Kingdom gained 0.9% m/m in May after losing 0.1% m/m in April. Manufacturing Production also improved and added 1.4% m/m after reducing by 0.6% m/m the month before.

Another report, the Construction Output, skyrocketed 1.5% m/m against the April reading of 0.3% m/m. The British GDP gained 0.5% m/m in May after losing 0.2% m/m in the previous month and against the expected reading of 0.1% m/m. However, these impressive statistics were put on the back burner due to the strong USD and political turmoil in the United Kingdom.

RoboForex Analytical Department
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