{"id":122050,"date":"2018-02-23T09:45:19","date_gmt":"2018-02-23T14:45:19","guid":{"rendered":"http:\/\/countingpips.com\/?p=122050"},"modified":"2018-06-01T15:42:20","modified_gmt":"2018-06-01T15:42:20","slug":"gbpusd-forex-technical-analysis-uk-growth-downgrade-bearish-for-pound","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/forex\/2018\/02\/gbpusd-forex-technical-analysis-uk-growth-downgrade-bearish-for-pound\/","title":{"rendered":"GBPUSD: Forex Technical Analysis – UK growth downgrade bearish for Pound"},"content":{"rendered":"
February 23, 2018<\/div>
\r\n<\/div><\/div>

By IFCMarkets<\/a><\/p>\n

UK growth downgrade bearish for Pound<\/strong><\/p>\n

Q4 GDP downgrade is bearish for Pound. Will the GBPUSD<\/a> continue declining?<\/p><\/blockquote>\n

The UK economy expanded less than previously estimated in the fourth quarter: the gross domestic product rose 0.4% compared with an initial estimate of 0.5%, the Office for National Statistics said on Thursday. The slowing was due to faster price increases, which caused lower household spending. And the UK\u2019s jobless rate increased unexpectedly for the first time in nearly two years to 4.4% in the final quarter of 2017, the ONS reported a day earlier. Brexit uncertainty still negatively impacts the outlook for the UK economy and currency. Weaker growth and labor data are bearish for Pound. On the other hand rising inflation, currently at 3%, is bullish for Pound as it increases the likelihood rate hikes.<\/p>\n

\"GBPUSD\"<\/p>\n

On the daily chart the GBPUSD: D1<\/b> has been retracing following the rise to 19-month high in the end of January.<\/p>\n