GBP/USD Outlook (12th August 2019)

British Pound/U.S. Dollar FX:GBPUSD

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Overall, GBP/USD has been trending downwards. Recently, GBP/USD has been ranging across until last Friday afternoon, when a series of poorly performed economic data was released, resuming the downtrend.
GDP m/m (Actual: 0.0%, Forecast: 0.1%, Previous: 0.2%)
Preliminary GDP q/q (Actual: -0.2%, Forecast: 0.0%, Previous: 0.5%)
Manufacturing Production m/m (Actual: -0.2%, Forecast: -0.1%, Previous 1.4%)

Nonetheless, the British employment data will be released tomorrow afternoon at 1630 (SGT).
Average Earnings Index 3m/y (Forecast: 3.7%, Previous: 3.4%)
Claimant Count Change (Forecast: 42.0K, Previous: 38.0K)
Unemployment Rate (Forecast: 3.8%, Previous: 3.8%)

In a scenario whereby the employment figures released are better than or as forecasted, GBP/USD may strengthen and will be testing the key level of 1.21. At the moment, GBP/USD is moving between the support level of 1.20000 and the resistance level of 1.22000.

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