GBP/USD recovered on Tuesday (11/2) , ending a three-day losing streak and recovering to touch the 1.2450 level, up about two-thirds of a percent on the day. Global forex markets sold off the US dollar a bit as risk appetite recovered across the board, supported by a calm performance from Federal Reserve (Fed) Chairman Jerome Powell and expectations that US President Donald Trump's latest tariff threats will be averted by last-minute concessions, as has been the pattern since Donald Trump took over the White House.
UK data remained thin throughout the mid-week session, but cable traders will be looking for UK Gross Domestic Product (GDP) data on Thursday. UK GDP is expected to show a recovery to 1.1% year-on-year during the fourth quarter, although QoQ Q4 GDP data is expected to drop -0.1%.
Source: FXstreet
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