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GBP/USD breaches 1.2900 on poor UK data


Monday, 11 February 2019 18:00 WIB

Indeks DolarPoundsterlingGBP/USD


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The offered bias is now picking up pace around the Sterling and is forcing GBP/USD to revert initial gains and re-focus on the downside.

GBP/USD challenges the 100-day SMA

The British Pound came under extra selling pressure following another disappointing results from the UK docket.

In fact, Industrial Production contracted at a monthly 0.5% and Manufacturing Production dropped 0.7% inter-month in December, all prints coming in below expectations.

Additionally, advanced figures showed Business Investment are expected to contract 1.4% QoQ in the fourth quarter, while the trade deficit came in at £12.1 billion a tad below consensus.

On the more relevant release, preliminary GDP figures noted the economy is expected to have expanded 0.2% QoQ during the October-December period and 1.3% from a year earlier, all prints missing forecasts.

Back to the usual Brexit scenario, Brexit Secretary S.Barclay and his EU peer M.Barnier are expected to resume talks later in the day in Strasbourg.

Source: FXstreet


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