Analysis of U.K GDP Data

章节 17 Analysis of U.K GDP Data

U.K GDP: The UK GDP Revised YoY (Q3) Came Unexpected with 0.3% More than Expected at 2.1%

Summary:

The UK economy showed some recovery versus major currencies after releasing the GDP data on 11-11-2022 at 11 AM (GMT +4) with an unexpected result of 2.4%. GBPUSD went up by 70 PIPS breaking the support level at 1.17350.

1. Fundamentals

The UK released the GDP Revised YoY report for Q3 on November 11, 2022. The GDP is one of the major indicators that affect the market widely, it measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy and it is the primary indicator of the economy’s health. A higher-than-expected data is bullish for the British Pound, and lower-than-expected data is bearish for the British Pound. The data came out to be 2.4% rather than the forecasted result of 2.1% which was bullish for the Pound. Bulls interfered and the British Economy showed some recovery where GBPUSD increased from 1.16960 to 1.17728.

Gold has increased sharply from the 1755 to 1766 level breaking the support level, and it is expected to increase further in the upcoming days/weeks due to the decrease in inflation in the U.S where it is expected to lower the interest rate hikes in the future.

Major traders are holding their Gold positions for further price increases.

2. Technical Analysis

GBPUSD Daily Chart

Analysis of U.K GDP Data-第1张图