GBPUSD is raising after unexpected US economic data
August 14, 2020
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GBPUSD rose during trading today, Friday, in light of the uncertainty about global economy due…
GBPUSD extends its gains to rebound from its lowest level in 9 months
GBPUSD continued to rise in the morning trading on Tuesday in the European market, and recorded the fourth consecutive daily gain, continuing its recovery from its lowest level in nine months, in addition to the decline in fears of the fuel crisis in Britain, which led to intervention The British Army, who disbanded it, worked to deliver fuel to the stations.
GBPUSD continues rising
The GBPUSD pair traded at the level of $1.3627, adding about 0.2% from the opening level of today’s session at $1.3605, and the pair closed yesterday’s trading with gains of about 0.5% for the third day in a row, in light of the continuing recovery processes from its lowest level in nine months at $1.3411, which is recorded earlier in trading last week, the pound sterling fell more than 5.5% from its highest level this year.
The United Kingdom faced a major power challenge during the past few days, as many energy providers stopped working, which led to the wholesale prices of natural gas jumping to a record level, at the same time.
The British economy may be in danger
Economic data published last Thursday showed that the UK’s economic growth in the second quarter of the year was better than most analysts had expected, as the country’s economy jumped by 5.5% in the second quarter which is better than the average estimate of 4.8%, this increase was Also better than the contraction recorded in the first quarter of 1.6%.
According to the Office for National Statistics (ONS), most parts of the British economy grew in the second quarter as the country reopened, business investment jumped 23.6% in the second quarter while consumer spending and government investment also rose.
Professional Trader and Analyst, economist in Financial and Forex market since 2004.holds an MBA from the American University in Egypt. Mohammed works as an economic writer and technical & fundamental analyst for many international Forex and financial trading companies in both English and Arabic on a daily basis.
