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AUD/USD edges lower ahead of RBA decisionThe Australian dollar has started the week with slight losses. In the North American session, AUD/USD is trading at 0.6798, down 0.19%. The Reserve Bank of Australia meets on Tuesday, with investors unclear as to the size of the next rate move. The markets have priced in a 50 basis point move at 68%, with a modest 25 bp increase at 32%. This means that the RBA will likely deliver a fourth straight rate 50bp rate hike, which would bring the cash rate to 2.35%. The RBA has been waging a battle against rising inflation, which rose to 6.1% in Q2, up from 5.1% in Q1. At the July meeting, the Australian dollar lost ground despite a 0.50% rate hike, and this could be repeated on Tuesday, especially if the RBA opts for a small 0.25% hike. The central bank has its hands full with rising inflation and a slowing economy. Policy makers are hoping to avoid a recession and guide the economy to a soft landing, but the central bank, like the Fed, has made clear that its paramount goal is to curb inflation and avoid inflation expectations from becoming anchored. Following the RBA decision, Australia releases GDP for the second quarter. The market consensus stands at 3.5%, which would be an improvement on the 3.3% gain in Q1. Australia recorded a record trade surplus of $A45 billion in Q2, and this should be reflected in a higher GDP. The Aussie remains constrained by weak risk appetite, as the energy crisis in Europe took a turn for the worse on the weekend. The Nord Stream 1 pipeline, which is the main conduit for Russian gas to Europe, failed to reopen on Saturday after three days of maintenance. Russia has now closed the pipeline indefinitely, citing a malfunctioning turbine. Germany is skeptical, to put it mildly, and fears are rising that Moscow is again weaponising energy exports to Europe, which could result in a full-blown energy shortage this winter. AUD/USD faces resistance at 0.6846 and 0.6922 There is support at 0.6737 and 0.6661
by OANDA
EUR/USD near parity, Powell speech nextThe euro has posted gains today and briefly punched above the symbolic parity line. In the North American session, EUR/USD is trading at 0.9978, up 0.11%. It seems that whatever angle you examine Germany's economy, things are not looking good. Services and manufacturing PMIs both remained in contraction territory (below 50.0) for a second straight month. The labour market, which had been a bright spot in the economy, saw the pace of job creation fall to a 1.5-year low. Today's releases didn't add any cheer. GDP in Q2 rose a negligible 0.1%, revised from 0.0%. As well, German Ifo Business Climate fell to 88.5, down from 88.7. This wasn't a sharp drop, but it was significant since it marked the index's lowest level since mid-2020. What is no less alarming than the weak numbers is the pessimistic outlook. As the war in Ukraine drags on with no end in sight, the energy crisis could get significantly worse in the winter, as Western Europe is vulnerable to a cutoff of Russian oil and natural gas. Germany appears headed towards a recession later in the year, and the rest of the eurozone will likely fare no better. The US economy contracted for a second straight quarter in Q2, but second-estimate GDP was revised upwards to -0.6%, up from -0.9% in the initial estimate. This follows a 1.6% decline in the first quarter. The upward revision was good news for the US dollar, as a weak GDP reading could have raised speculation about a Fed U-turn in policy and sent the greenback lower. The dollar's next test comes as soon as Friday, with all eyes on Fed Chair Powell's speech at the Jackson Hole Symposium. If Powell reiterates that the Fed will continue to tighten aggressively until inflation is curbed, the dollar could gain ground. However, if the Fed Chair's message is less hawkish than expected, we could see sharp gains in the equity markets at the expense of the dollar, as was the case following the surprise drop in US inflation earlier this month. EUR/USD is testing support at 0.9959. Below, there is support at 0.9877 There is resistance at 1.0113 and 1.0195
by OANDA
No FOMO- Rejection and also GDP TomorrowHi everyone, just as expected yesterday price attempted to break back into the ascending channel but it seems to be failing: There are still 40% chances of it happening but right now a new small dip towards 21,000 is more likely (60%). With indices attempting a rebound, it would had been great to see BTC back into a positive structure (the ascending channel) and hopefully it will happen before the Fundamentals kick in: GDP (*Preliminary one, not the big one but still important) is coming out tomorrow and expected to be negative. It will also depend to see 'How negative is it'. Thus itcoins rebound might be delayed a bit more. ALSO: Mt Gox could become Mt Cock .... stay safe for a while One Love, the FXPROFESSOR *There are 3 versions of GDP released a month apart - Advance, Preliminary, and Final. The Advance release is the earliest and thus tends to have the most impact; Why Traders Care It's the broadest measure of economic activity and the primary gauge of the economy's health;
BITFINEX:BTCUSD
by FX_Professor
2
NZ dollar slides below 62, retail sales nextThe New Zealand dollar continues to show volatility this week. In the North American session, NZD/USD is trading at 0.6182, down 0.48%, erasing all of Tuesday's gains. Later today, New Zealand releases retail sales for the second quarter. The markets are expecting a strong rebound of 1.7%, after the Q1 reading of -0.5%. The release is expected to reflect pent-up consumer demand after Covid restrictions were lifted in April. A stronger-than-expected release could give the New Zealand dollar a lift. The RBNZ will be carefully monitoring the retail sales release, as a strong reading would indicate that the economy remains strong and can continue to absorb higher interest rates. The RBNZ has been aggressive, raising rates by 50 basis points at four straight meetings. The central bank is expected to add another 50bp hike at the October meeting, which would bring the cash rate to 3.50%. Inflation has hit 7.3%, but the RBNZ is confident that it will peak soon and expects inflation to fall to 3.8% by the end of 2023. The central bank is cautiously positive about the economic outlook, predicting that the economic slowdown will not turn into a full-blown recession. Over in the US, durable goods orders for July were a mix. The headlines reading slipped to 0.0%, down sharply from 2.2% in June and missing the estimate of 0.6%. Core durable goods was unchanged at 0.3%. The weak data did not weigh on the US dollar, unlike the case after a weak US New Home Sales release on Tuesday, which sent the US dollar broadly lower. Investors are now shifting attention to Thursday's US Preliminary GDP for Q2. In July, the initial GDP estimate came in at -0.9%, settting off a storm of debate as to whether the US economy was in a recession after back-to-back quarters of negative growth. The debate had political overtones as well, with the White House, trying to avoid being tainted with the "R" word, went to great pains to point out that there are other definitions of a recession. The second GDP estimate is likely to come in at -0.8% or -0.9%; any other number would be a surprise and would likely result in some volatility for the US dollar. NZD/USD faces resistance at 0.6227 and 0.6366 There is support at 0.6126 and 0.6075
by OANDA
ECONOMIC UNITED STATES GDP compared with Other NationsThis chart illustrates the GNP of the USA compared with others over a period of several decades. The USA is on a much slower trajectory of growth than all the other countries on the chart except Russia and Ukraine. This includes the Eurozone, China, India, Mexico, and others. This trend has been in place for decades. It makes for a poor prognosis for the future of the US economically, no matter how much our politicians and other influencers try to hide this.
ECONOMICS:USGNPEducation
by AwesomeAvani
1
Yen steady as GDP within expectationsThe Japanese yen has started the week quietly. In the European session, USD/JPY is trading at 133.29, down 0.14%. This follows a positive week for the yen, in which USD/JPY declined by 1.15%. Japan's GDP for the second quarter rose 0.5%. The reading was a notch below the forecast of 0.6%, and the yen showed little interest. Domestic consumption, which makes up some 60% of Japan's GDP, rose by 1.1%, reflective of pent-up demand after Covid restrictions were lifted in March. As well, exports increased by 0.9%, in Q2, certainly good news as the global economic outlook remains gloomy. On an annualized basis, GDP rose 2.2%, shy of the estimate of 2.6%. Still, the reading indicated that Japan's economy has returned to its pre-Covid size, although the recovery has lagged behind other major industrial countries. What does the GDP reading mean for the Bank of Japan? In all likelihood, not very much. Inflation has risen slightly above the BoJ's 2% target, but is low compared to other major economies, which are grappling with red-hot inflation and have embarked on an aggressive rate-tightening cycle. Prices have been rising more quickly than wages, meaning that real wage growth has been on the decline. As well, inflation has largely been driven by high commodity prices, which may not be a long-term trend. Until there are signs that inflationary pressures are broadly based, the BoJ will do little more than tweak its policy. For the BoJ, the primary focus is not inflation, as is the case with the Fed and the BoE, but rather the need to support the economy. This means "business as usual" for the BoJ until it is convinced that inflation is sustainable. 133.60 is a weak resistance line, followed by 1.3504 There is support at 131.62 and 130.70
by OANDA
GBP/USD slips on GDP, US confidence data nextThe British pound is in negative territory today, after a contraction in UK GDP. In the European session, GBP/USD is trading at 1.2126, down 0.61% on the day. The British pound posted dazzling gains on Wednesday, surging 1.19%. The impressive climb was, however, a case of US dollar weakness, rather than any newfound strength in the pound. Inflation in the US was unexpectedly weaker than forecast, which raised market hopes that the Fed will ease policy. This led to the US dollar being less attractive and the currency took a nasty spill against all the majors. Sterling hasn't fared as well after the UK posted the second-quarter GDP report. The economy fell in July by -0.1% QoQ, following a 0.8% gain in June (-0.2% exp). On an annualized basis, GDP growth slowed to 2.9%, within expectations but sharply down from 8.7% in Q1. The outlook does not look good as we head towards winter, with UK households about to be hit with sharp increases in energy prices. Consumers are already struggling with a nasty cost of living crisis, and as they tighten the purse strings, the spectre of a recession will become that much more likely. Another key indicator, Manufacturing Production, came in at -1.6% MoM, down from a 1.7% gain in May (-1.8% exp). This was the fourth decline in five months, pointing to a worrying downtrend in manufacturing. The week wraps up with UoM Consumer Sentiment, a key confidence indicator. With the cost of living crisis in the US, it's no surprise that the index has tumbled - falling from 65.7 in March to just 51.5 in June. This points to weak expansion, just above the neutral 50.0 line. The July forecast calls for a slight improvement to 52.5 points. GBP/USD continues to test resistance at 1.2241. Next, there is resistance at 1.2361  There is support at 1.2123 and 1.2061
by OANDA
Pound steady ahead of UK GDPThe British pound is trading quietly today, after posting sharp gains on Wednesday. In the North American session, GBP/USD is trading at 1.2220, up 0.02% on the day. US inflation surprised on Wednesday, as both the CPI and the core CPI readings were lower than expected. Headline CPI dropped sharply to 8.5%, down from 9.1% in June and below the estimate of 8.7%. Core CPI remained steady at 5.9%, below the forecast of 6.1%. After months of inflation climbing higher, there was palpable relief in the markets as the headline reading finally broke the upward trend. The US dollar was roughed up, dropping sharply against the major currencies. GBP/USD rose an impressive 1.19% yesterday. The Federal Reserve is breathing easier as inflation has finally slowed, and it is more likely now than 24 hours ago that the Fed will ease up on rate hikes and deliver a 0.50% increase in September rather than a 0.75% hike. Nevertheless, it would be premature to declare that the inflation dragon has been slayed and the Fed will soon pivot with regard to rate policy. The inflation rate of 8.5%, although lower than last month, is still close to a four-decade high. Inflation fell chiefly due to a drop in gas prices, but with the volatility we are seeing in the oil markets, gasoline could quickly change directions. Perhaps most importantly, inflation remains broad-based; the core reading, which excludes food and energy costs, remained steady at 5.9%. Fed members left no doubt that despite the positive CPI report, more tightening was on the way. Minneapolis Fed President Kashkari said that the Fed was "far, far away from declaring victory" over inflation, and Chicago Fed President Evans said that inflation remained "unacceptably" high. With the Fed looking to increase the benchmark rate to 4% or higher by the end of 2023, there is plenty of shelf life remaining in the Fed's rate-tightening cycle. In the UK, the week wraps up with Friday's GDP report for Q2. The markets are bracing for a soft release - GDP is expected to slow to 2.8% YoY, down from 8.7% in Q1. On a quarterly basis, GDP is projected at -0.2%, following a 0.8% gain in Q1. The pound received a huge lift on Wednesday courtesy of US inflation. If GDP is weaker than expected, the pound will likely lose ground. GBP/USD continues to test resistance at 1.2241. Next, there is resistance at 1.2361   There is support at 1.2123 and 1.2061
by OANDA
GBP/USD soars as US inflation fallsThe British pound has surged in today's North American session. GBP/USD has jumped a massive 1.20% on the day and is trading at 1.2218. The economic calendar is very light on both sides of the pond today, but that didn't matter as today's US inflation report has sent the US dollar on a nasty slide. The July data saw both the headline and core readings come in lower than expected. Core CPI remained steady at 5.9%, lower than the forecast of 6.1%. However, the real news was the headline reading, which dropped to 8.5%, down from 9.1% in June and below the estimate of 8.7%. It is of course too early to talk about a peak in inflation based on one reading, although readers may see some headlines trumpeting just that. Still, the markets have responded with vigour, sending the US dollar sharply lower on the assumption that the Fed can ease its rate hiking, possibly to a 50 basis point hike in September. It wasn't long ago that a 50bp rise was labeled "supersize", but times have changed and with central banks raising rates by 75 and even 100bp, a 50bp move is almost modest. The Fed is breathing easier today and is hoping that inflation is on its way down, after relentlessly accelerating. This is also good news for President Biden, as voters have been hit hard by the cost of living crisis and may well take out their anger on the Democrats in the mid-term elections. I'm assuming Biden will not credit his brand new Inflation Reduction Act as the reason that inflation has fallen, but there's no doubt that the drop in inflation is great news for the White House. The pound certainly got a fortuitous break as US inflation fell and has taken advantage by rising sharply. It could be a very different outcome on Friday, as the markets are braced for a downturn in the UK economy. GDP is expected to slow to 2.8% YoY, down from 8.7% in Q1. On a quarterly basis, GDP is projected at -0.2%, following a 0.8% gain in Q1. If GDP is weaker than expected, a fall in the pound is a strong possibility. GBP/USD is testing resistance at 1.2241. Next, there is resistance at 1.2361  There is support at 1.2123 and 1.2061
by OANDA
Why isn't the US officially in a recession? The US has technically entered a recession in the second quarter 2022 as the economy contracted 0.9% year over year, following a 1.6% decline in the first quarter. However, the official body that is tasked to make a call on whether the economy is in a recession has yet to declare that the US is in fact in an economic downturn. Slowdown in private and public spending In the April-June period, GDP shrank for the second straight quarter, which the US Department of Commerce attributed to the drag in private inventory and residential fixed investments, reduced federal government spending and a drop in non-residential fixed investment. General merchandise stores and motor vehicle dealers in the US eased their inventory build-up in the recent quarter, leading to the drop in private inventory investment, while the government’s move to cut down on its non-defense spending resulted in lower federal government spending. These factors offset the increase in exports and personal consumption spending in the second quarter. While the second consecutive drop in GDP reached the widely accepted definition of a recession, the US, according to a body that gets to say when the country is already in one, has yet to make a call. Who makes the call? The National Bureau of Economic Research, a nonprofit organization founded in 1920, serves as the “official” arbiter of whether the US, the world’s largest economy, is in a recession or not. The NBER’s Business Cycle Dating Committee consists of eight members who are among the country’s top economists working at leading academic institutions. The committee keeps track of the dates of peaks and troughs that frame economic recessions and expansions and its decision is based on a wider set of indicators including income, spending and employment. The NBER defines a recession as a period that involves a “significant decline in economic activity that is spread across the economy and lasts more than a few months.” Growth slowing While the US is not in an official recession, many analysts acknowledged that the country’s economic growth is slowing. Even US President Joe Biden said “it’s no surprise that the economy is slowing down” as the economy came off of last year’s historic growth, regaining all the private sector jobs lost during the COVID-10 pandemic. “But even as we face historic global challenges, we are on the right path and we will come through this transition stronger and more secure,” Biden said in a statement last week following the release of the quarterly GDP report. Federal Reserve Chairman Jerome Powell also remains optimistic on the economy, telling reporters in a recent press conference: “I do not think the US is currently in a recession and the reason is there are too many areas of the economy that are performing too well.” Strong jobs data “This is a very strong labor market ... it doesn’t make sense that the economy would be in a recession with this kind of thing happening,” Powell said. In June, non-farm payrolls rose by 372,000 month over month, topping the 250,000 market estimate, with the unemployment rate unchanged at 3.6%, according to the US Bureau of Labor Statistics. “The strong 372,000 gain in non-farm payrolls in June appears to make a mockery of claims the economy is heading into, let alone already in, a recession,” Andrew Hunter, senior US economist at Capital Economics, was quoted by CNBC as saying. The strength in US consumption and employment are still providing support to the economy, but some analysts are warning that it is only a matter of time before the US succumbs to a recession as soaring inflation continues to dampen consumer appetite, while the volatility in financial markets linger due to uncertainties surrounding the COVID-19 pandemic, stagflation concerns and other factors. The International Monetary Fund last week lowered its outlook on the US economy, now expecting a 2.3% growth this year, down from its previous 3.7% expansion forecast, while it expects the world economy to rise 4.2%, slower than its anticipated 3.6% growth forecast.
ECONOMICS:USGDPQQ
by BlackBull_Markets
Aussie higher ahead of RBA decisionThe Australian dollar has posted strong gains today. In the North American session, AUD/USD is trading at 0.7030, up 0.57% on the day. The Reserve Bank of Australia meets on Tuesday and is expected to deliver a third straight hike of 0.50%. This would bring the Cash Rate to 1.85%. The markets have priced in a 50bp increase at 0.75%. The central bank continues to grapple with rising inflation, with CPI in the second quarter rising to 6.1%, up sharply from 5.1% in Q1. Australian Treasurer Chalmers told parliament on Thursday that the government expects inflation to peak at 7.75% in Q4, and will gradually ease in 2023 and fall to 2.75% in 2024. If Chalmers' number crunching is accurate, then the cost of living crisis will worsen before it improves and the central bank will likely have to keep tightening, with plenty more inflation to come.  Chalmers noted that the country's biggest headwinds are surging inflation and slowing global growth. The government revised lower its GDP forecast for 2021-22 to 3.75%, down from 4.5%, and the 2022-2023 forecast from 3.5% to 3.0%. The RBA has a delicate task of raising rates to curb inflation but not slowing the economy to the extent that it tips into a recession. The labour market remains robust, an important indication that the economy is strong enough to withstand further rate hikes. Tuesday's rate hike, if 0.50% as expected, is unlikely to impact on the Australian dollar, except perhaps for some short-lived reaction after the rate announcement, as external factors are the main driver behind the Aussie's movement. AUD/USD is putting pressure on resistance at 0.7056. Above, there is resistance at 0.7120 There is support at 0.6968 and 6904
by OANDA
Stock Market Rallies As GDP Triggers RecessionThe stock market extended gains yesterday, in parallel the US economy officially entered a recession based on the commonly accepted definition. Amazon.com (AMZN) and Apple (AAPL) reported their quarterly results after the close and added to the market's gains: Amazon up 12% , Apple up 4%. Stock market futures conitnue to rally as well. The 10-year Treasury yield ticked down to 2.68%, closing at its lowest level since early April. Stock Market The stock market uptrend shrugged off the recession signal, as the Dow Jones Industrial Average and S&P 500 gained 1% and 1.2%, respectively. The tech-heavy Nasdaq rallied 1.1%. The small-cap Russell 2000 advanced 1.3%. While recession could slow earnings, it appears that most of the negative news are already discounted and priced into the stock market. Our JS-TechTrading model portfolio had a great week which is confirmed by volume-proce action bymany leading stocks as well as the major market indices. What does that mean for swing-traders? Swing-traders have the green light to boost their exposure to stocks, focusing on those breaking out past correct buy points. Gradually commit capital to leading stocks. Still, it's not time to be overly aggressive as we potentially could have another leg down in the general market. Here is the link to our updated watchlist: www.tradingview.com Watch out for health and technology stock. Industry group ratings suggest that those could be the leaders in the next bull market cycle. All Stocks on our watchlist are absolute top picks and fulfill Minervini's Trend-Template criteria and are selected using IBD's CAN SLIM criteria. Also, they all have low risk entry points.
AMEX:SPYLong
by JS_TechTrading
Might be a Bearish day on GDP newsHey guys, Just and trade idea on the back of a massively strong day which nearly always gives it back the next day so i wouldn't be a buyer right now. I'm more on the side of shorting for another down day before the markets go to the higher long term down trend boundary. We have GDP numbers coming out and I don't see how they will be good must likely negative and recession confirmed hence why the white house wants to change the definition. Apple and amazon earning are the only wildcards, they could pull the market higher as most of big tech have rallied after earnings. The VIX & VXN both look ready to blast higher tho charts below. This gives me more of a downside bias and with 3-1 risk to reward worth taking. Please like and follow for more ideas and trade setups
UShort
by jackwheeler
NAS100 Daily Outlook | July 28Hi All, After FOMC news drive yesterday, WHAT ELSE? Here are my thoughts; 1. There is a lot of noise to the left hand side so am capping my profit target for buys from 12565 to 12667 zones. 2. Buying mostly today is also confirmed by my WICK FILL play (join my live session to access my 90% winrate playbook) but traders must not expect price to move aggressively to 12900 rather focus on the closest resistance level 3. There are chances that price can drop up until 12303/12174 levels in near term and this is because; a. We have a strong support level around 12303 b. Previous day's bar does not have a bottom wick hence has the tendency to draw price back to itself. Let me know what you think about my analysis in the comment session. To learn more about my favorite setups and how to perfectly harness pips using them, join my live streaming today. Daily Live Trading session at 8:45AM EST/ 4:45PM GST Pairs: EURUSD / NAS100 / GER30 -Kings.
FX:NAS100
by Kingsley_lotanna
4
Aussie edges up after strong US retail salesThe week wrapped up on a high note, as June US retail sales beat expectations. The headline and core readings both accelerated in June, with solid gains of 1.0%. This indicates that US consumers are still spending despite the toll that higher inflation and higher rates are taking on disposable income. The strong retail sales report will raise expectations that the Fed will be content to raise rates "only" by 0.75%, rather than a full 1.00% at the next meeting. When the markets have a chance to digest the numbers on Monday, risk appetite will likely rise, which could push the US dollar lower. China's economy slowed down in the second quarter, which is no real surprise given the Covid-zero policy which resulted in mass lockdowns. The economy posted a small gain of 0.4% YoY, missing the estimate of 1.0% (4.8% prior). On an annualized basis, GDP contracted by 2.6%, worse than the forecast of -1.5% (+1.4% prior). These weak numbers were offset by a strong bounce in retail sales, which jumped 3.10% in June, crushing the estimate of -0.3% (-6.7% prior). If China can avoid further lockdowns in key cities such as Shanghai, we can expect GDP to rebound in Q3. The health of China's economy is critical for Australia, as China is its biggest trading partner. An excellent employment report earlier this week on Thursday has raised concerns that the RBA may need to accelerate its rate-tightening cycle and consider larger rate increases. The economy gained 88.8 thousand new jobs, blowing the estimate of 30.0 thousand out of the water. As well, the unemployment rate fell to 3.5%, down from 3.9% and below the 3.8% estimate. The RBA has been raising rates aggressively, but even so, the cash rate is still at a low 1.35%, and clearly the RBA will have to hike sharply to make a dent in inflation, which is running at 5.1%. We'll get a look at CPI for the second quarter at the end of July. AUD/USD is putting pressure on resistance at 0.6782. Next, there is resistance at 0.6839 There is support at 0.6706 and 0.6649
by OANDA
Sterling pares losses after US CPI jumpsThe British pound has taken investors for a ride today, as GBP/USD dropped sharply but has since recovered. In the North American session, GBP/USD is trading at 1.1856, down 0.28%. It has been a busy day on the economic calendar, with a host of UK releases and the US inflation report. In the US, the long-sought-after inflation peak remains as elusive as ever. The June inflation report showed headline inflation rising to 9.1% YoY, up from 8.6% and above the 8.8% estimate. Core CPI ticked lower to 5.9%, down from 6.0%. Still, this was higher than the forecast of 5.7%. With inflation remaining at high levels, the path is clear for the Fed to fire at will in order to curb inflation. Just a few days ago, CME's FedWatch pegged a 75bp hike at 93%, with a 7% chance of a 100bp move. The June inflation release has dramatically changed the FedWatch assessment, with a 53.6% of a 75bp move and 46.3% likelihood of a 100bp hike. The British pound took a tumble immediately after the US inflation release, falling 0.76%. The pound has managed to claw back most of these losses, but the risk of the US dollar moving higher remains elevated, as a massive 100bp increase has become a very real possibility at the Fed meeting in late July. Overshadowed by the dramatic US inflation report, UK indicators enjoyed a good day. GDP for May rose 0.5% MoM, bouncing back from a -0.2% reading in April and beating the estimate of 0.1%. Industrial Production and Manufacturing Production both ended a 3-month skid with monthly gains of 1.4% and 0.9%, respectively. Still, the bigger picture for the UK economy is not a rosy one, as a Bloomberg poll of economists indicated a 45% likelihood of the UK economy tipping into a recession in the next 12 months. GBP/USD tested support at 1.1876 earlier in the North American session. Below, there is support at 1.1736  GBP/USD faces resistance at 1.2025 and 1.2175
by OANDA
1