Great Britain Pound Rallies, Ignores IMF Downgrade

The Great Britain pound gained against its most-traded rivals during the current trading session, rising for the first time after five consecutive sessions of losses versus the Swiss franc and the Japanese yen, even though the International Monetary Fund revised its growth outlook for the United Kingdom.
Traders hold breath waiting for Britain’s and European Union ministers to negotiate trade deal, hoping that it will smooth the process of the nation’s departure from the union. Sterling bulls also banked on monetary tightening from the Bank of England. The central bank stated, though, that its decision will be data-dependent.
Talking about data, the most important economic report scheduled for this week will be gross domestic product for the June quarter. Experts predicted that the preliminary reading will show growth of 0.3%, up from 0.2%. Yet the IMF was not particularly optimistic about Britain’s economy, saying:

The growth forecast has also been revised down for the United Kingdom for 2017 on weaker-than-expected activity in the first quarter.

GBP/USD rose from 1.2989 to 1.3035 as of 19:52 GMT today. GBP/JPY gained from 144.32 to 144.8, while its daily low of 144.00 was the lowest since June 28. GBP/CHF rallied from 1.2275 to 1.2331, and its session minimum of 1.2263 was the low not seen since June 21.

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