Sterling gains ahead of key UK GDP data

The pound sterling (GBP) is gaining on Wednesday against its main competitors, barring the antipodes. The British currency is gaining in value ahead of monthly UK gross domestic product (GDP) and factory data, which are due out on Thursday.

The Office for National Statistics (ONS) is expected to show that the economy grew by 0.1% in November. Meanwhile, industrial production measured month-on-month (m/m) is estimated to be growing steadily by 0.5%, while industrial production remains broadly unchanged. Read more…

GBP/USD: Major support at 1.3390 unlikely to be at risk – UOB Group

Pullback is expandable; the major support at 1.3390 is unlikely to be threatened. In the long run GBP is probably trading between 1.3390 and 1.3520, UOB Group currency analysts Quek Ser Leang and Peter Chia note.

24-Hour Outlook: “Following a sharp rebound in the GBP currency pair, which hit a high of 1.3486 two days ago, we indicated yesterday that “a sharp rebound could test 1.3495 before a pullback can be expected.” We indicated that “the major resistance at 1.3520 is not expected to be at risk.” Read more…