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10 Mar 2023

GBP/USD climbs to three-day top, around mid-1.1900s on better-than-expected UK GDP

  • GBP/USD edges higher for the third successive day on Friday amid the ongoing USD downfall.
  • Reduced bets for a 50 bps Fed rate hike in March and sliding US bond yields weigh on the buck.
  • The upbeat UK GDP print for January benefits the GBP and lends support ahead of the US NFP.

The GBP/USD pair attracts some buyers during the early European session on Friday and climbs to a three-day high, around mid-1.1900s in reaction to the better-than-expected UK monthly GDP print.

The UK Office for National Statistics reported that the economy grew by 0.3% in January as compared to the 0.5% contraction recorded in the previous month and the 0.1% growth expected. This, to a larger extent, offsets the disappointing release of the UK Manufacturing and Industrial Production figures, which, in turn, is seen lending some support to the British Pound. Apart from this, the ongoing US Dollar retracement slide from a three-month low lends additional support to the GBP/USD pair.

A larger-than-expected rise in the US Weekly Jobless Claims was seen as the first sign of a softening labor market and forced investors to reassess the possibility of a 50 bps lift-off at the upcoming FOMC meeting on March 21-22. This is reinforced by a further pullback in the US Treasury bond yields and continues to weigh on the Greenback. The USD bulls, meanwhile, fail to gain any respite from the prevalent risk-off environment - as depicted by a sea of red across the global equity markets.

Traders, however, might refrain from placing aggressive bullish bets around the GBP/USD pair and positioning for an extension of this week's recovery move from the 1.1800 mark, or a fresh YTD low ahead of the US NFP report. The closely-watched US monthly jobs data is due for release later during the early North American session and will play a key role in influencing the Fed's policy outlook. This, in turn, will drive the USD demand and provide a fresh directional impetus to the major.

Technical levels to watch

 

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