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The GBP/USD pair is facing hurdles around 1.2200 as investors await UK GDP data. A vulnerable UK GDP will accelerate troubles for the BOE while higher Initial Jobless Claims have supported the US dollar at lower levels.
The pair is expected to remain subdued as investors are awaiting the release of the Gross Domestic Product data.
The GBP/USD pair is hovering around 1.2200 after a modest rebound from 1.2185. The asset defended Wednesday’s low at around 1.2180 but is now displaying a torpid rebound, which could be fragilized effortlessly by the market participants.
The UK economy has shrunk by 0.2% in the second quarter of CY2022 vs. the expansion of 0.8% recorded in Q1CY22. Also, the annual data is expected to shift lower to 2.8% from the prior release of 8.7%. An occurrence of the same is likely to create more troubles for the Bank of England.
The Manufacturing Production data is also expected to display a vulnerable performance. The economic data is expected to slip lower to 0.9% against the former release of 2.3% on an annual basis. Adding to that, the monthly data is expected to display a de-growth of 1.8% against the previous print of 1.4%.
