GBPUSD Chart Technical Outlook

GBPUSD Chart Technical Outlook The GBP/USD pair builds on its upward trajectory, currently hovering around 1.2230, as it capitalizes on the UK’s positive GDP data and a softening USD. Friday’s preliminary UK GDP outperformed expectations by holding steady in Q3, avoiding the predicted decline, which could bolster confidence in the Pound.
Despite the GDP’s positive note, the UK’s economic outlook remains shadowed by stagflation risks, with high inflation and unemployment threatening growth. Fed Chair Powell’s recent hawkish remarks underscored persistent inflationary pressures, adding a tinge of caution to the markets.

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