GBP/USD Nudges Higher After UK GDP Update, Brexit Meeting Nears

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GBP/USD Price, Charts and Analysis

  • GDP contracts in August but rolling 3-month growth beats expectations.
  • Brexit negotiations ongoing as PM Johnson’s meets Taoiseach Varadkar.

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UK growth contracted in August, according to the latest Office for National Statistics (ONS) data but rolling 3-month GDP beat market expectations. GDP fell by 0.1% in August, compared to a flat reading in July, while 3m/3m GDP rose by 0.3% compared to expectations, and a prior month’s reading of 0.1%. The positive performance was aided by tv and film production boosting the services sector, while manufacturing performance remains weak, according to the ONS. The 3m/3m index of services rose by 0.4%, beating expectations and a prior month’s outturn of 0.2%.

GBPUSD nudged higher on the release before paring gains ahead of today’s Brexit meeting between UK PM Johnson and Irish Taoiseach Varadkar at mid-day. EU members and officials have been saying that this weekend is crunch time to see if there is the basis of a deal on the table ahead of the EU members meeting on October 17-18. Johnson’s latest offer has not found any favor with the EU, while yesterday’s rumor of a time-limited NI backstop offer by the EU has been refuted by the EU and rejected by the UK.

GBP/USD Five Minute Price Chart (October 10, 2019)

GBP/USD Nudges Higher After UK GDP Update, Brexit Meeting Nears

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What is your view on Sterling, the US Dollar and/or Brexit – bullish or bearish?? You can let us know via the form at the end of this piece or you can contact the author at nicholas.cawley@ig.comor via Twitter @nickcawley1.

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