The Pound is falling. Forex overview for 22.12.2016

gbp_news_cmc_forexThe GBP/USD pair is trading to the downside despite the fact that one of the most important macroindicators improved.

The British Pound is getting weaker against the USD on Thursday. The current quote for the instrument is 1.2347.

Today’s statistics published by the United Kingdom was positive, but couldn’t provide enough support to the Pound. The GfK Consumer Confidence this month was -7 points after being -8 points in November. It appears that the consumer confidence in December recovered a bit, given that the November reading was near the lows of spring of 2013. Comments from GfK said that the confidence in economic stability of the country collapsed because of the future outlook, both inside and outside the economy.

GfK conclusions are pretty far from the British statistics. Taking into account the Brexit process procedures, which are rather hidden from the public so far, the key macroeconomic indicators of the United Kingdom remain strong.

However, surely there are some doubts about the future of the consumer market and consumers’ activity, but usually they don’t come true.

In the meantime, the demand is still in favor of the USD, which can be easily seen by the market situation.

RoboForex Analytical Department

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