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SpanishLet’s Review U.K.’s GDP m/m & more other Key Economic Indicators; June 13, 2022
U.K. GDP m/m & more other key Economic Indicators
Today U.K. will release GDP and many other key economic indicators at 0600 GMT/1130 IST. GDP is the broadest measure of economic activity and the primary gauge of the economy’s health. On the other side, U.K.’s Manufacturing Production is a leading indicator of economic health – production reacts quickly to ups and downs in the business cycle and is correlated with consumer conditions such as employment levels and earnings. Lastly, the trade balance data gives information on Export demand and currency demand as they are directly linked because foreigners must buy the domestic currency to pay for the nation’s exports. Export demand also impacts production and prices at domestic manufacturers.
Let’s see how GBP has reacted during the previous data release:
May 12:
April 11:
Technical View:
GBP/USD:
- The sterling falls on Monday ahead of U.K.’s key economic data and stabilizes below $1.2300 mark.
- Today pair made intraday high at $1.2321 and low at $1.2261 mark.
- A day chart and H1 chart with triple EMA suggest down trend for the time being.
- A sustained close above $1.2315 on H1 chart will check key resistances.
- Alternatively, a consistent close below $1.2265 will check further supports.
| SUPPORTS | RESISTANCES |
| $1.2262 | $1.2315 |
| $1.2230 | $1.2340 |
| $1.2202 | $1.2365 |
| $1.2184 | $1.2390 |
| $1.2155 | $1.2415 |
Take a look and do trade wisely!
Good Luck
