Pound Sterling Price News and Forecast: GBP/USD gains ground as traders project annual UK GDP to expand
|GBP/USD rises above 1.2450 ahead of UK GDP data
GBP/USD extends its winning streak for the third consecutive day, trading around 1.2460 during Thursday’s Asian session. Traders await the UK’s preliminary Gross Domestic Product (GDP) data due later in the day. Economists expect a contraction in Q4 GDP, though the economy is projected to expand on an annual basis.
The outlook for the British economy remains uncertain, with Bank of England (BoE) Monetary Policy Committee (MPC) member Catherine Mann expressing concerns over weakening demand in the United Kingdom (UK) and the need for accommodative financial conditions. Read more...
GBP/USD churns ahead of UK GDP growth check
GBP/USD is coiled around 1.2450, churning the charts near middling technical ground as Pound Sterling traders await the UK’s latest Gross Domestic Product (GDP) growth figures. US Consumer Price Index (CPI) inflation accelerated in January, and markets will be watching Thursday’s US Producer Price Index (PPI) for signs of further inflation factors to be passed onto consumers.
Preliminary UK GDP for 2024’s fourth quarter is due on Thursday. Median market forecasts are expecting an uptick in annualized growth figures, with annualized Q4 GDP expected to clock in at 1.1% versus the previous 0.9%. Outside of the overall improvement, the fourth quarter is expected to lag, forecast to come in at a -0.1% contraction QoQ versus the previous flat print of 0.0%. Read more...
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.