The Great Britain Pound (GBP) managed to mark a bullish candle against the US Dollar (USD) after a continuous drop down in the price for the last couple of weeks. Following a bearish trend, its been almost a year that the pound seemed to be stuck downwards. However, now the pound may keep rising amid multiple favorable economic releases.
The GDP index released by the National Statistics measures the total value of all goods and services produced by the UK. The GDP is considered as a broad measure of the UK economic activity. Generally speaking, a rising trend has a positive effect on the GBP, while a falling trend is seen as negative (or bearish).
Likewise, the situation for Great Britain Pound (GBP) goes worse after the stats were released by the British Retail Consortium. The British Retail Consortium (BRC) Like-For-Like Retail Sales estimates changes in the genuine estimation of retail deals from partaking organizations with important administration data on a normal and dependable premise. It demonstrates the exhibition of the retail area. A high perusing is viewed as positive (or bullish) for the GBP, while a low perusing is viewed as negative.
Similarly, the average earnings of the households including bonuses in the UK also turned short of 02 points this quarter. It was 3.3%, the quarter before.
The prevailing condition of the industrial sector in the UK has also worsened with a figure of -2.7% this month. It has decreased significantly as compared to 0.7%, the previous month.
Trading GBPUSD might not be a wise decision. It isn’t anticipated to get strength in the near future. Avoiding to trade a pair for a long term position may work well.