The GBP/USD, while dropped the price four days, today is the second day when the pair posted the bullish candle on the graph with the price of above 1.3600.
There are many updates besides this success but the most significant is the upcoming updates of the UK.
First, the National Statistics plans to release the Manufacturing Production on January 15, 2021. According to economists, it posted a reading of 0.9% in November compared to 1.7% of a month before reading.
Manufacturing efficiency tests the performance of the production, which dominates a significant part of the total GDP. A high reading for GBP is positive (or bullish), whereas a low reading is negative for GBP (or bearish).
Second is industrial production, which, according to economists, registered a figure of 0.4% in November compared to the month before the reading of 1.3%.
Changes in industrial production is an indicator of strength in the manufacturing sector. A high reading is positive (or bullish) for the GBP, whereas a low reading is bearish.
It is expected that GBP/USD might not continue this progress ahead because of the US Retail Sales.
The U.S. Census Bureau anticipates releasing stats for the Retail Sales news on Friday (January 15, 2021). According to economists’ view, the U.S. retail sales news registered a reading of -0.2% in December, as compared to the reading of -1.1%, in the month before.
The stats for the U.S retail sales news represents the change in the percentage of retail sales. The changes in the percentage of retail sales reflect the likelihood of consumer spendings in the coming days. The retail sales data is considered an important economic indicator.
Given the macro-economic outlook of the pair over the past few days, selling the GBPUSD pair around current levels might help to generate some short term profits.