GBP Bullish Trend Continues With the Favorable Economic News Releases

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The Great Britain Pound (GBP) today is rising against the US Dollar (USD) with a price tag of more than 1,3000 after a major economic update. Since in the recent downside move the price has hit a lower high, so the technical bias seems to remain bullish. The GBPUSD is trading at a rate close to 1.3044, the high of May 03, 2019. There’s a few news that pushing up the pound.

The PMI service is issued by both the Chartered Purchasing & Supply Institute and Markit Economics, an indicator of the economic situation in the UK services industry. Appropriately, the summary of the sales and employment situation is rising by 07 points, as it was 48.6 last month. Traders want the highest reading possible as it will be considered positive for the GBP.

Similarly, the Manufacturing Purchasing Managers Index (PMI) also increased by 06 points, this manufacturing sector dominates a large part of total GDP, the manufacturing PMI is an important indicator of business conditions and the overall economic situation in the United Kingdom.

And, The GDP report published by the National Statistics also publishes figures, which is 0.3 percent more than a month before the figure of -0.2 percent as it provides a comprehensive overview of all the factors and benefits provided by the United Kingdom, a large proportion of the financial activities of the United Kingdom.

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Whereas, the British Retail Consortium (BRC) Like-For-Like Retail Sales drops sharply from 1% to -4.9%, as it calculates changes in the actual value of retail sales from participating firms on a frequent and consistent basis with invaluable management data.

Conclusion

At the current, the price appears to be rising and the technical trend is expected to remain bullish, so trading GBPUSD around current levels may not be a poor choice to start with. But when it comes to competitive spreads and leverages, brokers still play an important role in successful trading.

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