On Friday, the GBP/USD pair rose, closing the week with gains at the 1.3900 mark. Despite bad UK data, the pound rose, fueled by risk-on flows. The country’s monthly Gross Domestic Product came in at 0.8 percent in May, falling short of the predicted 1.5 percent. The April figure was revised upwards to -1 percent. In the same month, Industrial Production increased by 20.6 percent year over year, while Manufacturing Production increased by 27.7 percent, falling short of forecasts.
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The GBP/USD pair started the new trading week on a sour note, rebounding from a low of 1.3756 on Friday. In a 150-pip rise, the pair rose to a high of 1.3909. Monday’s Asian trade hours see the greenback fall to a new low.
The GBP/USD currency pair is currently trading at 1.3901, up 0.01 percent on the day. The US Dollar Index, which measures how the greenback performs versus six major currencies, is currently trading at 92.10, down 0.33 percent on the day.
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