Kontraksi Ekonomi InggrisJakarta, GIC Trade – The pound was still under pressure after data showed that Britain's gross domestic product (GDP) in the third quarter was weaker than expected. Where economic output fell by 0.3 percent in the July-September period compared to the forecast for a decline of 0.2 percent. On the other hand, the Office for National Statistics (ONS) also showed that UK business investment underperformed which fell 2.5 percent in the third quarter, compared with the first forecast which fell only 0.5 percent. The ONS said the figures had placed the UK at the bottom of the Group of Seven (G7) countries in terms of quarterly economic growth.

Earlier, GBP/USD came under pressure after a decision from the Bank of England (BoE) that hinted at a dovish tone last week. This latest data has added to the gloomy outlook for the UK economy and acted as a headwind for the Pound, although a weaker greenback provided support to the GBP/USD pair. The weakening of the U.S. dollar came after Japan's central bank (BoJ) expanded its trading range for 10-year Japanese government bonds (JGB) on Tuesday. The U.S. dollar plunged more than 4 percent after the BoJ's decision and was the biggest drop since 1998.
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Market participants are now looking forward to the release of US economic data, namely final Q3 GDP data and preliminary jobless claims data. This, of course, will affect the dynamics of the greenback price and give some boost to the GBP/USD pair. Fundamentally, the increase in crude oil prices is still quite high amid a decline in inventories. Then how technically, see the following analysis: UK Economic Contraction Technical Analysis

Analisa GBP 22 Desember 2022

The pound sterling currency is trying to break through the Fibo 100 level again at 1.21030 towards the 1.18965 area which is also the Fibo 161.8 area. The decline was confirmed after the MA20 crossed the MA50 line from above on the 4-hour time frame. On the other hand, the market structure pattern that reversed after the price was able to break through the support in the previous pattern confirmed further declines. UK Economic Contraction This analysis is a fundamental and technical view used by the author, not a suggestion or invitation. For more information, click here