Support for GBP/USD Pair With Economy Expansion in July M/M
The UK and its currency are going through a rough patch during the current economic calendar that could soon be revised, assuming the factors go in their endorsement in the coming times. The situation is currently at unease with the Bank of England pushing the rate decision to September 22, 2022, amid the demise of the Queen.
The improvement in industrial and manufacturing production supports the currency and its most popular pair with the US counterpart. Recent data broadcasted showed economic expansion by 0.2% m/m after it contracted 0.6% in the previous month. However, year-on-year figures are yet to improve as this forex signal worry the traders and economic experts.
Fed officials have been hawkish in their remarks. A similar reflection in their decision for the Consumer Price Index is yet to be seen in the policy decision scheduled for September 21, 2022. Any further comment from officials is a long shot as the communication blackout period has already started.
While the British Pound has rallied against the US Dollar from the lowest in four decades, there has been no major reaction to the recent incident on the currency. GBP/USD could push to 1.1700s. A further achievement to 1.1810 remains to be seen. A fall to 1.1400 will seek the involvement of a catalyst unless the figure stops at 1.1500.
A close watch of FXCM forex calendar on the pair shows how rough the struggle is for GBP/USD to rebound to the normal, or at least a decent, situation. Forex traders would want to hold on to their portfolio for a while unless the experts drop a reliable hint for sale.
FXCM, short for Forex Capital Markets Limited, is one of the best forex brokers UK established in 1999. It additionally allows traders to engage in CFD trading. The venture is owned by Leucadia Investments, with a strong background in investment and a listing on the New York Stock Exchange.
Some of the key attributes of the platform, according to the FXCM review, are as follows:-
- Access to real-time data through market charts
- On-the-go review and trade through mobile trading
- Execution of order with a single click
- Educational courses on trading for beginners
- Support for select third parties and many more.
The traders can access a total of two accounts. These are Demo Account and Real Account, out of which the latter is again divided into Standard Trading Account & Active Trader.
A demo account is activated when a user registers on the platform. The purpose is to learn to trade and familiarize oneself with the available tools.
Once registered and well-equipped with the platform, traders can begin trading forex pairs like GBP/USD.
