For the past few days, the Great Britain Pound (GBP) has been losing ground against the US dollar. For more than a year, the currency has been trying to recover. But the pair have been continuously marking a bearish candle on the graph since the beginning of this month.

The unpredictable economic state of Great Britain is revealed in a new Gfk Consumer Confidence publication, which shows a reading of -9 this month while maintaining unchanged from the previous month. It also failed to reach economists’ predictions, which were -7.

Consumer confidence from the GfK Group is a leading index that evaluates consumer confidence in economic activity. High consumer confidence supports economic growth, whereas low one causes economic contraction. A high reading is usually bullish for the GBP, while a low value is negative.

The GBPUSD pair is currently trading around 1.3892, with two immediate support levels to maintain the pair at the said level while also delivering a push in the forward direction.

Whereas, there is UK’s Gross Domestic Product is going to release on June 30, 2021.

National Statistics plans to release the data of Gross Domestic Product on June 30, 2021. The FXStreet.com experts predicted that GDP might register the reading of -1.5% in the first quarter while bearing no change compared to the quarter before data.

Conclusion

Trading GBPUSD may not be a good idea. It is expected that it will lose strength shortly. Trading for a long-term position might be a good idea.