The GBP/USD price drifted lower after more signs of the UK\u2019s recession emerged and as the greenback staged a strong comeback.
Buy the GBP/USD pair and set a take-profit at 1.2100.The GBP/USD price drifted lower after more signs of the UK’s recession emerged and as the greenback staged a strong comeback. It dropped to a low of 1.1930, the lowest level since November 30th. Sterling has pulled back by 3.75% from its highest point in December.The UK is in a deep recession as slow wage growth coincides with high cost of living. Data published last month revealed that the country’s economy contracted in the third quarter.
These numbers mean that British manufacturers are struggling as sluggish demand intersects with the rising rate of inflation. In a statement, the statement added that the UK economy had little growth engine this year.The GBP/USD price will react to the latest mortgage data from the UK. Economists expect the data to show that mortgage lending dropped to 3.7 billion pounds in November. The number of approvals dropped from 58.98k to 55k.
The US will release the latest JOLTs job openings data. Economists expect that the economy had over 10 million job openings. The most important data will be the FOMC minutes.It made a bearish breakout as the US dollar index surged. As it dropped, the pair moved below the support at 1.1998, the lowest level on December 22.
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