Gold prices rose during the trading session today in the European market, to approach towards…
GBPUSD is stabilizing near its highest level since last February
GBPUSD Outlook – 24th May 2021
GBPUSD stabilized in the morning trading in the European market, to trade near its highest level since February, which it recorded last week, and this comes as investors focus on knowing the latest data on the US economy that will be released this week.
The GBPUSD pair traded at $ 1.4127, which is 0.78% lower than the three-month high of $ 1.4233, which it hit last week.
GBPUSD rose after British economic recovery
The United Kingdom has been one of the countries hardest hit in Europe by the coronavirus pandemic, however, Britain has become one of the best performers this year due to the government’s vaccination efforts, recent data shows that the government has fully vaccinated more than 21 million people, received More than 37 million people have received at least one dose of the Coronavirus vaccine.
The results of this vaccination campaign began to appear in recent economic data, for example, data showed last week that the unemployment rate in the United Kingdom fell to 4.8% in March, which is better than those in other countries such as the United States and Germany, as was the inflation data. The country’s GDP is better than expected.
Positive UK economic data
Moreover, data released last week revealed that UK retail sales also rose sharply in April, the first full month of the initial reopening, and likewise, data from Markit showed that manufacturing and services PMI rose sharply in May. With the recovery of sectors.
British companies are also starting to report strong quarterly earnings results for the reopening, for example: In today’s report, Cineworld said there is strong demand for movie tickets over the weekend, and the trend is expected to continue into the coming weekends. This is notable because Cineworld is The UK’s largest movie theatre operator.
Analysts also believe that the flash numbers will be positive in June when the country moves to the next stage of reopening unless concerns surrounding the Covid-19 variable that originated in India start to reflect the recent rise in consumer/business confidence, so a 7% growth is expected. Year, including 5% growth in the second quarter.
This week, the GBPUSD pair will be most affected by US economic data due to the lack of major economic data out of the United Kingdom.
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.