GBP/USD gained even more ground on Wednesday, climbing nearly six-tenths of one percent as US Dollar (USD) flows continues to wither. The Pound Sterling (GBP) is enjoying a much-needed bullish shift in fundamentals as United Kingdom (UK) economic data outpaces new soft spots appearing in key economic figures from the United States (US).
GBP/USD is extending one-sided bullish momentum north of the 50-day Exponential Moving Average (EMA), climbing into 1.3600 after closing flat or higher for all but one of the last nine trading sessions. Cable has risen over 3.35% bottom-to-top after finding a technical floor near the 200-day EMA near 1.3150, but could be poised to run out of bullish momentum near the last swing high.
After a lull in the economic data docket on Wednesday, key data releases are now on the radar for Thursday. UK Gross Domestic Product (GDP) figures for the second quarter will be releasing first, and are expected to show a general slowdown in UK economic growth. UK Industrial and Manufacturing figures from June are also expected to recover from a dip early in the second quarter, but the backdated data is unlikely to drive much market momentum.
On the US side, Producer Price Index (PPI) inflation data for July will be released later on Thursday. Producer prices tend to entirely exclude imported goods and services, so tariff impacts on PPI inflation should remain muted in the near term.
Source: Fxstreet
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