GBP/USD: outlook for February 20-24
In line with our expectations GBP/USD spent the week consolidating between 1.2380 and 1.2550.
The topic of Brexit is temporarily on the sidelines, ready to resurface later this month. Economic data released in the UK mostly disappointed. CPI growth was a bit lower than expected, while the growth pace of average earnings declined. British retail sales also contracted in January.
The most important releases of the upcoming days include public sector net borrowing on Tuesday and second estimate GDP and prelim business investment on Wednesday.
The bears made another assault on the 100- and 50-day MAs just above 1.2400, but failed to keep the pair below these lines. On H4 the 200-period MA once again acted as good support (cur