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Aug 12 - 07:55 AM

GBP/USD - Tumbles After News UK Economy Contracts

By Jeremy Boulton  —  Aug 12 - 05:40 AM
  • UK GDP -0.6% mm in June vs -1.3% f/c, 1.9% yy vs 1.2% f/c

  • IP 2.4% yy vs 1.6% f/c, business investment 3.8% qq vs -0.3% f/c

  • Positive surprise yet pound falls to 1.2142 from 1.2216 after data

  • GBP/USD breaks below 55-DMA and daily Ichimoku cloud base - bearish

  • 1.2140 is 50% retracement Aug 5-10 rise from 1.2004 to 1.2277

  • Targets for bigger correction are 1.2108 and 1.2088



Source:
Refinitiv IFR Research/Market Commentary

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