The currency pair fluctuated in a range last week. After testing the support at 1,2980 GBP/USD started to grow.
The main event for the last week was Brexit delay. EU agreed to offer a delay and to postpone the event on the end of October. As for the macroeconomic data, most important releases were UK GDP data and manufacturing production.
UK GDP has shown 0,2% growth which was expected by the economists. Previous reading was 0,5%. As for the manufacturing production, it had a 0,9% growth, while economists expected only 0,2% growth.
We think that GBP/USD is likely to develop its range fluctuations. The currency pair is able to develop its growth towards 1,3232. However, in case of decline, we think GBP/USD is likely to go towards 1,2677, but in case if it will stay below 1,2980 for some time.
The main event for the last week was Brexit delay. EU agreed to offer a delay and to postpone the event on the end of October. As for the macroeconomic data, most important releases were UK GDP data and manufacturing production.
UK GDP has shown 0,2% growth which was expected by the economists. Previous reading was 0,5%. As for the manufacturing production, it had a 0,9% growth, while economists expected only 0,2% growth.
We think that GBP/USD is likely to develop its range fluctuations. The currency pair is able to develop its growth towards 1,3232. However, in case of decline, we think GBP/USD is likely to go towards 1,2677, but in case if it will stay below 1,2980 for some time.