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FxWirePro: UK Q2 Gross Domestic Product (QoQ) Prelim matches estimates at 4.8%, GBP largely unchanged

GBP/USD chart - Trading View 
 

Time (GMT) Event Actuals Forecast Previous
0600 UK Gross Domestic Product (QoQ)(Q2) PREL 4.8% 4.8% -1.6%
0600 UK Gross Domestic Product (YoY)(Q2) PREL   22.2% 22.1% -6.1%
0600 UK Gross Domestic Product (MoM)(Jun)  1.0% 0.8% 0.8%
0600 UK Manufacturing Production (MoM)(Jun)  0.2% 0.4% -0.1%
0600 UK Manufacturing Production (YoY)(Jun)  13.9% 13.5% 27.7%
0600 UK Industrial Production (MoM)(Jun)  0.7% 0.3% 0.8%

GBP/USD Spot:

GBP/USD was trading in tight range with session high at 1.3875 and low at 1.3860. The major was unchanged after prelim Q2 GDP data prints inline with expectations.  

Technical Analysis: Bias Neutral

GMMA: Neutral

Moving Averages: Flat/ Neutral

Oscillators: Neutral

Ichimoku Cloud: Chikou Span - slight upside

Major Support and Resistance Levels: 

Support level - 1.3765 (200-DMA), Resistance level - 1.3891 (50-DMA)

About UK Gross Domestic Product (GDP) 

Gross Domestic Product (GDP) is a measure of the annualized change in the inflation-adjusted value of all goods and services produced by the UK's economy. It is the broadest measure of economic activity and the primary indicator of the economy's health.

A higher than expected reading should be taken as positive/bullish for the British pound, while a lower than expected reading should be taken as negative/bearish for the British pound.

About UK Manufacturing Production 

Manufacturing Production measures the change in the total inflation-adjusted value of output produced by manufacturers. Manufacturing accounts for approximately 80% of overall Industrial Production.

It is significant as a short term indicator of the strength of UK manufacturing activity. A higher than expected reading should be taken as positive/bullish for the GBP, while a lower than expected reading should be taken as negative/bearish for the GBP.

About UK Industrial Production 

Industrial Production measures the change in the total inflation-adjusted value of output produced by manufacturers, mines, and utilities. It is a broad indicator of strength in the manufacturing sector. 

A higher than expected reading should be taken as positive/bullish for the GBP, while a lower than expected reading should be taken as negative/bearish for the GBP.
 

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