In Europe, U.K. GDP declined 2.2% in the first quarter according to the latest estimate after remaining stable in the previous quarter. It was expected to decline by 2.0%. The Euro-zone year-on-year inflation was released in line with expectations at 0.8%, after 0.9% in April.

On the U.S. economic data front, Market News International’s Chicago Business Barometer rose to 36.6 on month in June (45.0 expected), from 32.3 in May. The Conference Board’s Consumer Confidence Index jumped to 98.1 on month in June (91.5 expected), from a revised 85.9 in May.

We have been monitoring the downtrend in the GBP/USD since the middle of June. Every time we see an intraday rally towards the declining trend line resistance area it has been an opportunity to sell the pair. As long as 1.241 can remain resistance and the declining trend line is not breached to the upside, we will continue to ride the trend lower. Look for a retest of 1.2255 support and a possible move lower.

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DISCLAIMER: The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase of sale of any currency. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.

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