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16 August 2024,02:08
Trade Of The Day
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16 August 2024, 02:08
* Upbeat Data: The pound strengthened against the dollar after positive U.K. data. Reports showed the U.K. economy grew as anticipated in Q2, with GDP up 0.6% quarter-on-quarter and 0.9% year-on-year. Annual GDP growth marked a solid rebound from the previous 0.3% figure. Moreover, U.K. Manufacturing Production surged 1.1% in June, well above the expected 0.1% increase and recovering from a revised 0.3% decline last month. Industrial Production and Manufacturing Production also climbed 0.8% and 1.1%, respectively, both exceeding forecasts.
* Technical Breakout: GBPUSD was traded higher following recent rebound from the support level 1.28050. MACD which illustrate bullish momentum signal suggest the pair to likely extend its gains.
* Resistance and Support: If the bullish momentum persists, there’s a strong likelihood that the price will potentially head towards 1.29300. Conversely, a potential reversal is also to be expected and the price could head back towards 1.28050.
With no significant data releases today, investors will turn their attention to U.S. economic data next week for further guidance while market may continue to digest the upbeat data from the U.K
Learn more about how to navigate the prop trading landscape by checking out PU Xtrader’s trading blogs.
Stay updated on US and UK data, central bank updates and any shifts in the US Dollar’s strength by following PU Xtrader’s financial news page.
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