GBP/USD pair surges on prodding UK economic concerns

After recording its first weekly gain in five weeks, GBP/USD gradually increases. The opposition Labour Party in the UK projects the weakest growth among the G7 nations. Bullish triangle formation and an impending bull cross on the MACD tempt purchasers of cable.

Bulls breached boundaries early on Tuesday in Asia, breaking a four-week decline and posting a firmer start to the week as GBP/USD oscillates between 1.2755 and 1.2760. The opposition leader of the Labour Party in Britain, Keir Starmer, was quoted by The Guardian as saying that the UK’s growth is expected to be the slowest in the Group of Seven Nations (G7).

The opposition party is also quoted in the news as calling the British economy “stuck in a low-growth trap” In addition, the market’s reserved attitude before this week’s talks by prominent central bankers at the Jackson Hole Symposium encourages the GBP/USD buyers.