The British pound’s poor day is in focus in forex markets on Monday. Following the previous session’s increase, the British pound (GBP) fell today, with a price of less than 1.3300 against the US dollar (USD).

On the upper side, there is a cluster of resistance levels that may prevent you from walking on the prosperity.

Aside from the numerous updates, the most important news of the gross domestic product (GDP) played a role in lowering the GBP/USD price.

The National Statistics Department intends to release GDP statistics on December 22, 2021, which, according to economists’ consensus, recorded a level of 1.3 percent in the third quarter, with no change from the previous quarter.

The GDP is a measure of the total value of all products and services produced in the United Kingdom. The GDP is a comprehensive measure of economic activity in the United Kingdom. A rising trend is bullish for the GBP, whilst a falling trend is bearish.

Furthermore, on December 23, 2021, the US Census Bureau will release the durable goods order data. Economists predict that it would continue at 1.5 percent in November, compared to -0.4 percent in the previous month’s figures.
Durable goods orders are a measurement of the cost of orders received by manufacturers for durable commodities, which are goods that are expected to last three years or more, such as automobiles and appliances.

Conclusion

Looking at the GBP/USD currency pair’s market behavior over the last several days, we can see that the stock is losing value and that the market may remain bearish for the foreseeable future. As a result, selling the stock for short-medium term trading is a wise decision.