GBP: August GDP in line with forecasts – Scotiabank

UK data showed in line with expectations GDP growth in August (+0.2% m/m and the same on the 3m/3m measure), Scotiabank’s FX Chief FX Strategist Shaun Osborne notes.

GBP shows signs of stabilizing around 1.3050

“Industrial and manufacturing activity was stronger than expected in August while construction and services grew a little less than expected. The economy remains on track for a modest rise in growth in Q3 overall. The data had little impact on the Pound Sterling (GBP).”

“Spot losses extended modestly yesterday but there are tentative signs of firmer GBP demand emerging on dips below 1.3050 on the short-term charts and spot is developing—so far today—an inside range consolidation signal on the daily chart. Cable losses may be stabilizing. Resistance is 1.3110/15; gains through here are needed to signal short-term strength.”

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