Daily Analysis GBPUSD - 31 July 2023
The GBP/USD experienced a sharp decline due to the overall strength of the US Dollar.
Read MoreThe GBP/USD experienced a sharp decline due to the overall strength of the US Dollar.
Read MoreMarket sentiment has turned negative, and the United Kingdom is experiencing a decline in resilience amid an aggressively restrictive monetary policy environment.
Read MoreOn Thursday, the pound sterling (GBP) experienced a slight corrective movement amid growing fears of a recession in the United Kingdom's economy, which has raised concerns about the Bank of England's (BoE) aggressive policy tightening.
Read MoreThe data released earlier this week revealed that economic activity in the United Kingdom was weaker than expected.
Read MoreThe recent selloff of the USD, caused by a miss in the US CPI report, has been completely reversed due to better-than-expected US economic data.
Read MoreOn Friday, the UK's Office for National Statistics (ONS) released its report indicating that the country's monthly Retail Sales data increased by 0.7% in June, compared to a mere 0.1% rise in May, which exceeded the expected 0.2% growth.
Read MoreIn the UK, the Consumer Price Index (CPI) rose slightly below expectations, indicating softer inflation.
Read MoreUK inflation in June showed a significant cooling, falling below consensus expectations at an annual rate of 7.9%.
Read MoreInflation has remained stubbornly high, boosting expectations of higher for longer UK rates.
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