#GBPUSD @ 1.25263 When are the UK data releases and how could they affect ?

…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for FREE REGISTER to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level1)]

Friday’s packed UK economic docket highlights the release of the preliminary Gross Domestic Product (GDP) print for the first quarter (Q1) of 2023 at 06:00 GMT. The UK economy is expected to have expanded by a modest 0.1% during the January-March period and the yearly growth is anticipated to decelerate from 0.6% to 0.2%.

This will be accompanied by Manufacturing Production and Industrial Production data for the month of March. Manufacturing output, which makes up around 80% of total Industrial Production, is seen contracting by -0.1% MoM during the reported month. Meanwhile, the total Industrial Production is expected to remain flat in March as compared to the 0.2% decline recorded in the previous month. The UK Goods Trade Balance will also be reported at the same time, which is likely to show a deficit of £17.5 billion in March.

Ahead of the key releases, the GBP/USD pair edges higher and recovers a part of the previous day’s post-Bank of England (BoE) slump to over a one-week low amid subdued US Dollar (USD) price action. A surprisingly stronger UK macro data, especially the GDP print, could provide a modest lift to the British Pound and allow the major to capitalize on its modest intraday uptick. Conversely, even a slight disappointment should be enough to exert additional pressure on the Sterling and pave the way for an extension of the pair’s recent sharp pullback from over a one-year high touched on Wednesday.

• GBP/USD licks BoE-inflicted wounds below 1.2540 hurdle ahead of UK GDP, US inflation clues

• GBP/USD Price Analysis: Cable bears need validation from 1.2500 and UK GDP to keep the reins

• GBP/USD could still attempt a move above 1.2700 – UOB

The Gross Domestic Product released by the Office for National Statistics (ONS) is a measure of the total value of all goods and services produced by the UK. The GDP is considered a broad measure of the UK economic activity. Generally speaking, a rising trend has a positive effect on the GBP, while a falling trend is seen as negative (or bearish).

The Manufacturing Production released by the Office for National Statistics (ONS) measures the manufacturing output. Manufacturing Production is significant as a short-term indicator of the strength of UK manufacturing activity that dominates a large part of total GDP. A high reading is seen as positive (or bullish) for the GBP, while a low reading is seen as negative (or bearish).

The trade balance released by the Office for National Statistics (ONS) is a balance between exports and imports of goods. A positive value shows trade surplus, while a negative value shows trade deficit. It is an event that generates some volatility for the GBP.

[/s2If]
Nehcap Expert Advisor
The NEHCAP MT4 EA is high quality professional trading system geared to generate returns without using GRID or martingales. Each trade has strict risk per trade parameter. The pairs under management include EURUSD, GBPUSD, AUDCAD, AUDNZD,GBPAUD, EURAUD, EURCAD, CHFJPY and many more.
The system is trading live: LIVE ACCOUNT TRACKING
You can run it free. Apply for a free trial and track our account. Buy the system or use profit share mechanism to generate returns on your MT4.
Join Our Telegram Group