11.11 - watch out for UK GDP data today
- by Anna K.
What is GDP? Essentially it is an indicator that explains us how strong the economy of the country is. The higher it is, the better the condition of economy is, the stronger the national currency is. And right now we are turning our attention towards Great Britain – a country that is going to publish its preliminary GDP numbers today. And we need to see good GDP numbers for GBP today. With Brexit undermining out trust in the currency, it is hard to believe that traders really think that they are going to be good, but according to the chart and general behavior of the pound, it really does seem so.
We can see that pound is gaining against the greenback right now which of course can mean two thinks – either trades and investors really do believe in the power of GDP numbers, or pound is simply using the fact that USA are on holiday today to grow. In any case we are glad that GBP has the opportunity to grow today, even if it is the consequence of the resting USD.
Although it is likely that we are going to see GBP of the UK falling today. In this case, GBP/USD couple is also going to take the plunge. That we have to watch out for.
And what is better tool to watch out for things like that than trading signals?