{"id":13554,"date":"2021-08-12T18:41:00","date_gmt":"2021-08-12T17:41:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=13554"},"modified":"2021-08-13T02:24:12","modified_gmt":"2021-08-13T01:24:12","slug":"gbpusd-retraces-despite-positive-gdp-data-for-the-uk","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/gbpusd-retraces-despite-positive-gdp-data-for-the-uk\/","title":{"rendered":"GBPUSD retraces despite positive GDP data for the UK"},"content":{"rendered":"\t\t
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Market Wrap<\/strong><\/p>

In terms of Tier 1 data today the UK GDP estimates were bullish, especially the month-over-month for June which came in at 1.0% and the headline figure for the 3M\/3M quoted by the Chancellor today of 4.8%, came in as expected.<\/p>

US PPI released before the US futures open came in better than expected with US PPI ex Food and Energy coming in at 6.2%,<\/p>

We also received ahead of the US open, the US Initial Jobless Claims, which also came in as expected at 375k with a slight revision higher for the previous week from 385k to 387k.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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I must admit I was hoping for a quick push higher out of the descending channel for the GBPUSD<\/a>, but the US dollar strength today has kept the pound within the channel and pushed it down to a previous level of support which could now be acting as a demand level. If the 1.3800-1.3815 doesn\u2019t hold, there is another chance to look for a long at the base of the descending channel.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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The US dollar had been making new daily higher highs for the previous 6 days and yesterday\u2019s turnaround following the CPI data did enough to drop the US dollar below the reach of the previous day\u2019s high in today\u2019s trading. If there is a sudden spurt higher before the US close that would be very bullish for tomorrow, but the way things are currently looking, the US dollar index<\/a> is forming a new swing high below the previous. So, a quick dip down to $92.20 is on the cards, with the double top leaving a lot of stop loss orders above ready to be grabbed when we find new buyers at the dynamic support from the moving averages. That may seem a little presumptuous, but I have seen it many times where the market likes to get everyone long or short, to then stop them out on a reversal only to carry on in the original direction. Currently the trend is higher.<\/p>

The S&P500<\/a> has made new highs, whereas the Nasdaq<\/a> is still correcting lower. For the week the Dow Jones<\/a> is making the best gains as it is up 1.09%, with the S&P500 up 0.50% and the Nasdaq red for the week as it is down -0.87%. It is probably safe to say that if the Nasdaq goes green the sentiment towards the Fed tapering and possibly hiking rates has taken a knock. The UK FTSE 100<\/a> is doing better than its American peers as it is up 1.13% for the week, though it has given some ground back today coming in lower at -0.51% at the London close.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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See real-time quotes<\/a> provided by our partner.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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The Organization of the Petroleum Exporting Countries (OPEC) still believes that previous global oil demand forecasts for 2021 and next year remain true. OPEC released a report today that expects crude demand to average 96.6 million barrels per day in 2021. For 2022 their expectations are for oil demand to rise by 3.3 million b\/d to average 99.9 mb\/d, while exceeding the 100 mb\/d mark in the H2 of 2022. The Oil <\/a>price is trading near todays open and is compressing under the 20 and 50 daily ema\u2019s. However, yesterday\u2019s price action should have done enough to get see higher prices in the coming days as it cleared most of the balance area from last week. If that is true, the next logical target is the $73 level.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

Market Wrap In terms of Tier 1 data today the UK GDP estimates were bullish, especially the month-over-month for June which came in at 1.0% and the headline figure for the 3M\/3M quoted by the Chancellor today of 4.8%, came in as expected. US PPI released before the US futures open came in better than […]<\/p>\n","protected":false},"author":5,"featured_media":10563,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[64,154,57,20,172,67],"yoast_head":"\nGBPUSD retraces despite positive GDP data for the UK - Youtrading UK<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/youtrading.com\/en\/gbpusd-retraces-despite-positive-gdp-data-for-the-uk\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GBPUSD retraces despite positive GDP data for the UK\" \/>\n<meta property=\"og:description\" content=\"Market Wrap In terms of Tier 1 data today the UK GDP estimates were bullish, especially the month-over-month for June which came in at 1.0% and the headline figure for the 3M\/3M quoted by the Chancellor today of 4.8%, came in as expected. US PPI released before the US futures open came in better than […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/youtrading.com\/en\/gbpusd-retraces-despite-positive-gdp-data-for-the-uk\/\" \/>\n<meta property=\"og:site_name\" content=\"Youtrading UK\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/YouTradingEnglish\/\" \/>\n<meta property=\"article:published_time\" content=\"2021-08-12T17:41:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-08-13T01:24:12+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2021\/06\/GettyImages-629257106_GBPUSD.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"416\" \/>\n\t<meta property=\"og:image:height\" content=\"208\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Neville Hornsey\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Neville Hornsey\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/youtrading.com\/en\/gbpusd-retraces-despite-positive-gdp-data-for-the-uk\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/youtrading.com\/en\/gbpusd-retraces-despite-positive-gdp-data-for-the-uk\/\"},\"author\":{\"name\":\"Neville Hornsey\",\"@id\":\"https:\/\/youtrading.com\/en\/#\/schema\/person\/95b20558021997bd74f4db43fabddf85\"},\"headline\":\"GBPUSD retraces despite positive GDP data for the UK\",\"datePublished\":\"2021-08-12T17:41:00+00:00\",\"dateModified\":\"2021-08-13T01:24:12+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/youtrading.com\/en\/gbpusd-retraces-despite-positive-gdp-data-for-the-uk\/\"},\"wordCount\":594,\"publisher\":{\"@id\":\"https:\/\/youtrading.com\/en\/#organization\"},\"keywords\":[\"Crude oil\",\"DXY\",\"FTSE100\",\"GBPUSD\",\"OPEC\",\"US Dollar\"],\"articleSection\":[\"Markets\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/youtrading.com\/en\/gbpusd-retraces-despite-positive-gdp-data-for-the-uk\/\",\"url\":\"https:\/\/youtrading.com\/en\/gbpusd-retraces-despite-positive-gdp-data-for-the-uk\/\",\"name\":\"GBPUSD retraces despite positive GDP data for the UK - Youtrading UK\",\"isPartOf\":{\"@id\":\"https:\/\/youtrading.com\/en\/#website\"},\"datePublished\":\"2021-08-12T17:41:00+00:00\",\"dateModified\":\"2021-08-13T01:24:12+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/youtrading.com\/en\/gbpusd-retraces-despite-positive-gdp-data-for-the-uk\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/youtrading.com\/en\/gbpusd-retraces-despite-positive-gdp-data-for-the-uk\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/youtrading.com\/en\/gbpusd-retraces-despite-positive-gdp-data-for-the-uk\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/youtrading.com\/en\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"GBPUSD retraces despite positive GDP data for the UK\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/youtrading.com\/en\/#website\",\"url\":\"https:\/\/youtrading.com\/en\/\",\"name\":\"Youtrading UK\",\"description\":\"Leaders in Trader Training\",\"publisher\":{\"@id\":\"https:\/\/youtrading.com\/en\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/youtrading.com\/en\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-GB\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/youtrading.com\/en\/#organization\",\"name\":\"YouTrading\",\"url\":\"https:\/\/youtrading.com\/en\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-GB\",\"@id\":\"https:\/\/youtrading.com\/en\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2020\/12\/Logo-Youtrading-2020_preto.svg\",\"contentUrl\":\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2020\/12\/Logo-Youtrading-2020_preto.svg\",\"width\":2531,\"height\":570,\"caption\":\"YouTrading\"},\"image\":{\"@id\":\"https:\/\/youtrading.com\/en\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/YouTradingEnglish\/\",\"https:\/\/www.instagram.com\/youtrading_english\/\",\"https:\/\/www.youtube.com\/channel\/UCc22BNolZpSd33lXc8utUvg\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/youtrading.com\/en\/#\/schema\/person\/95b20558021997bd74f4db43fabddf85\",\"name\":\"Neville Hornsey\",\"description\":\"Neville Hornsey holds a BA Honours 2.1 in Professional Media and has been a professional trader since 2007. 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