The Great Britain Pound (GBP) on Tuesday slid down against the United States Dollar (USD). It’s been more than a month that the currency is struggling to recover. The pair is continuously marking a bullish candle on the graph. A recent release about the launch of the Produce Price Index Core shows Great Britain’s static economic condition with a reading of-5.1 percent this month, lower than the previous month. It was somehow unable to meet economists ‘ targets, which was -4.9%.
The National Statistics GDP index calculates the total value of all UK produced goods and services. GDP is seen as a large measure of economic development in the UK. In general, an upward trend has a positive effect on GBP, while a downward trend is perceived as negative (or bearish).
Similarly, the Retail Price Index, a statistical measure of a weighted average of prices of a specified set of goods and services purchased by consumers reported a negative reading this month.
The prevailing condition of the manufacturing sector in the UK has also worsened with a figure of -1.8% this month. It has decreased significantly as compared to -1.6%, the previous month.
It could be a wise decision to swap GBPUSD. In the near future, it is expected to gain power. It can work well to avoid trading a pair for a long-term position.