UK Q2 GDP – how good is good ?
Ok, so we all know by now that the market is expecting a good provisional figure today at 08.30 GMT as business activity rebounds after a weather affected Q1.
The big question though is how good is good and how much has been factored in?
The BOE’s own forecast was +0.5% vs +0.3% prev but we’ve had some analysts this week looking for +0.7-+0.8%
Cable has strong sell interest between 1.5390-1.5410 so we can expect that area to be tested from current levels ( 1.5355) if we get a number at the top end of the range.
Buy rumour/sell fact? Yep, I think so but if 1.5420-50 breaks then we may be in a period of further consolidation until we get a second reading.
For another take on the current scenario here’s a post I put up yesterday.