Confirming you are not from the U.S. or the Philippines

By giving this statement, I explicitly declare and confirm that:
  • I am not a U.S. citizen or resident
  • I am not a resident of the Philippines
  • I do not directly or indirectly own more than 10% of shares/voting rights/interest of the U.S. residents and/or do not control U.S. citizens or residents by other means
  • I am not under the direct or indirect ownership of more than 10% of shares/voting rights/interest and/or under the control of U.S. citizen or resident exercised by other means
  • I am not affiliated with U.S. citizens or residents in terms of Section 1504(a) of FATCA
  • I am aware of my liability for making a false declaration.
For the purposes of this statement, all U.S. dependent countries and territories are equalled to the main territory of the USA. I accept full responsibility for the accuracy of this declaration and commit to personally address and resolve any claims or issues that may arise from a breach of this statement.
Cancel Confirm
We are dedicated to your privacy and the security of your personal information. We only collect emails to provide special offers and important information about our products and services. By submitting your email address, you agree to receive such letters from us. If you want to unsubscribe or have any questions or concerns, write to our Customer Support.
Confirm
Octa trading broker Sign up Log in
Octa trading broker
Open trading account
Trading news
Back
12 Aug 2020

GBP/USD off lows, still on the defensive below mid-1.3000s post-UK macro data

  • GBP/USD remained depressed for the second consecutive session amid stronger greenback.
  • Wednesday’s mostly upbeat UK data extended some support and helped limit the downside.
  • Investors now look forward to the US consumer inflation figures for a fresh trading impetus.

The GBP/USD pair maintained its offered tone below mid-1.3000s and had a muted reaction to the latest UK macro data.

The pair extended the previous day's intraday retracement slide of around 90 pips and remained depressed for the second consecutive session on Wednesday. The downtick was exclusively sponsored by some follow-through buying around the US dollar, with bulls largely shrugging off slightly better-than-expected UK GDP report.

The preliminary reading of the second quarter of 2020 UK GDP came in at -20.4% QoQ vs. -20.5% expected and -2.2% previous. On an annualized basis the figure stood at -21.7% vs. -22.4% expected and the -1.7% previous. Meanwhile, the UK economy recorded a strong growth of +8.7% in June as compared to +8.0% expected and +1.8% in May.

On the other hand, a decline in COVID-19 hospitalizations in the US strengthens investors' confidence that the pandemic was coming back under control in response to more restrictive measures. Adding to this, a strong pickup in the US Treasury bond yields pointed to the improving prospects for the US economic recovery, which, in turn, underpinned the greenback.

It will now be interesting to see if the GBP/USD pair is able to gain any meaningful traction or remains confined well within a one-week-old trading range. Later during the early North American session, the US consumer inflation figures might influence the USD price dynamics and produce some meaningful trading opportunities.

Technical levels to watch

 

Aug 12, 2020

AUD/USD: Extra consolidation stays on the cards – UOB

AUD/USD has likely moved into a consolidative phase between 0.7050/0.7250, suggested FX Strategists at UOB Group. Key Quotes 24-our view: “Yesterday,
Read more Previous
Aug 12, 2020

UK’s Sunak: Economy is now in hard times, GDP figures confirm that

Following the release of the key UK macro data on Wednesday, the British Finance Minister/ Chancellor Rishi Sunak said that the UK economy is now in '
Read more Next