UK data- trend analysis
Last week we were presented with worse than expected inflation report from UK, later on Mark Carney said that he is not too happy about strong Pound. Today preliminary release of UK GDP were published and these data also turned out worse than investors assumed.
GDP Y/Y (Q1) 2.4% forecast 2.5%
GDP Q/Q (Q1) 0.3% forecast 0.4%
Initial reaction for the data is weakening Pound. It is especially clear when we look at the EUR/GBP pair (Euro was given some spark yesterday after the news from Greece). When GBP/USD is concerned reaction is not that strong, but the downtrends on Pound are steadily getting stronger.
Two additional short-term downward trends on Pound were detected right after the GDP data. First on GBP/CHF the second one on GBP/NZD
The downtrends are getting stronger with every hour. British Pound Swiss Franc is already down 0.51% (an hour and a half after the data).