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The United Kingdom’s annual growth remained tepid in the third quarter of the year. The United States reported Durable Goods Orders rose a modest 0.4% in November. The GBP/USD pair trades in the red and could extend its slide towards 1.2500. The British Pound resumed its slide against its American rival in the American session on Monday, as the US Dollar (USD) found near-term demand in a risk-averse environment. The GBP/USD pair fell to an intraday low of 1.2473 following the release of mixed United Kingdom (UK) data. The UK reported that the Q3 Current Account posted a deficit of £ 18.099 billion, improving from the £-24.002 billion posted in the previous quarter. The Q3 Gross Domestic Product (GDP) suffered downward revisions, with the annual reading confirmed at 0.9%, below the 1% expected. The UK economy did not grow in the quarter vs expectations of a modest 0.1% advance. As for the United States (US), the country released Durable Goods Orders, which fell by 1.1% in November, worse than the expected decline of 0.4%. Also, CB Consumer Confidence edged sharply lower in December, falling to 104.7 from 112.8 in November and missing the expected 112.9. GBP/USD technical outlook Intraday technical readings support a bearish continuation in the near term, as GBP/USD was unable to deliver a relevant bounce for the aforementioned low. Immediate support comes at the 1.2480 area, followed by the 1.2420/40 region, where the pair posted multiple intraday highs and lows in the last few months. A recovery could gain traction should the pair recover above 1.2560, with the next potential bullish target at 1.2620.  Pound Sterling FAQs The Pound Sterling (GBP) is the oldest currency in the world (886 AD) and the official currency of the United Kingdom. It is the fourth most traded unit for foreign…

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Filed under: News - @ December 23, 2024 8:29 pm