Sterling Remains Volatile Ahead of U.K.’s Final GDP Results, 50+ PIP Volatility Likely; June 30, 2021
U.K. Final GDP q/q
Today U.K. will release Final GDP q/q data at 0600 GMT/1130 IST. It’s the broadest measure of economic activity and the primary gauge of the economy’s health. There are 2 versions of quarterly GDP released about 45 days apart – Preliminary and Final. The Preliminary release is the earliest and thus tends to have the most impact. Along with the GDP results, U.K. will release Current account data too. It’s directly linked to currency demand – a rising surplus indicates that foreigners are buying more of the domestic currency to execute transactions in the country.
Let’s see how GBP has reacted during the previous data release:
- The pound trades slightly higher in early Asia ahead of Final GDP and Current Account data.
- The pair made intraday high at $1.3860 and low at $1.3829 mark.
- A day chart and H1 chart with triple EMA suggests bearish trend for the time being.
- A sustained close above $1.3878 on H1 chart will check key resistances.
- Alternatively, a consistent close below $1.3821 will check further supports.
Take a look and do trade wisely!