Forex forecast. Pound GBP/USD for today for today May 13, 2021
The exchange rate of the Pound/Dollar curency pair declined on Forex for the first time since the beginning of the week, the quotes fell to the level of 1.4085.
The Office for National Statistics released data on industry and manufacturing output in the UK on Wednesday. The indicators indicate the beginning of the recovery of the industry after the crisis. Output rose 1.8% in March, against forecasts of a 1% increase. Despite the strong data, the British currency declined against the background of a sharp increase in inflation in the United States.
On Monday, Pound jumped to a two-month high due to a combination of dollar weakness, market relief from the Scottish election results, measures to ease social exclusion and an increase in the Bank of England's growth forecast. The UK economy grew by 2.1% in March compared to February, which is higher than expected. We are likely to see a sharp recovery this year after the deep downturn caused by the coronavirus in 2020. Although analysts believe that the immediate impact of the data on the market was limited, it still helped support expectations of a strong recovery in the UK. According to forecasts, the latest estimates of the Bank of England are too pessimistic. This will set the stage for speculation and further increases in short-term rates, which will help support demand for the pound.
Signals for trading GBP/USD currency pair
The forecast expect a further decline in Pound/Dollar Forex pair to the supports of 1.4060, 1.4030 and 1.4000.