Improving data bullish for GB100
UK economic data in the last couple of weeks were not as bad as feared on balance. While trade surplus declined a bit more than expected in July, the declines in both industrial and manufacturing production were less than forecast. And the GDP growth was in line with expectations. Thus, the trade surplus declined to £1.1 billion in July from £3.9 when a decline to £1.2 billion was expected. And the industrial and manufacturing productions declined 7.8% and 9.4% over year in July when 8.7% and 10.8% drops where forecast. At the same time the UK economy grew by 6.6% in July 2020, the third consecutive monthly increase. Improving data are bullish for GB100.
Summary of technical analysis
|Buy stop||Above 6081.11|
|Stop loss||Below 5780.24|
Market Analysis provided by IFCMarkets.com
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