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The British pound was the strongest performer on Tuesday on the back of upbeat economic data releases. Year over year Q4 GDP figures came in above expectations at 1.1 percent, with the December Goods Trade BalANCe climbing to 0.845 billion versus consensus of -10 billion.
The positive data helped to increase bids on the GBPUSD, as a new wave of optimism countered fears of an economic downturn during the Brexit transition period. Currencies tend to react strongly to economic data figures which deviate significantly to the market's expectations.
Traders will be looking to the March data releases to confirm whether the UK economy has indeed kicked off the year on a stronger note post-Brexit election of December. If the data does indeed point to a follow-through of the pickup in economic activity in January, we could be expecting a status quo in the monetary policy of the Bank of England.
As seen in the below graph, the UK business investment figures have lagged behind its main rivals ever since the Brexit referendum of 2016. No surprise here as businesses naturally put their plans on hold until further clarity emerged from the whole Brexit process.
From a technical perspective, GBPUSD has breached the 23.6 percent Fibonacci retracement level since December 2019, signaling a reversal in the downward trend from last week. Traders will be looking at the price reaction on the market close for an indication of tomorrow's activity. Should the bulls manage to maintain the current level, we expect a push slightly higher towards the 1.30 psychological mark. On the flip side, the 1.29 to 1.286 support range will likely help buoy any drop in the GBPUSD. Momentum remains a slight bearish bias, with the RSI floating in neutral territory.
(Chart Source: Tradingview 11.02.2020)
Looking ahead, US Federal Reserve chairman Jerome Powell is due to testify in congress. Analysts are expecting a continuation in interest rates. Should there be any deviation, markets will likely react strongly.
Disclaimer: This material has been created for information purposes only. All views expressed in this document are my own and do not necessarily represent the opinions of any entity.
本文标题：GOLDWELL：UK Economic Data Provides Boost to GBP
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