GBP Edges Higher in Quiet Markets as Traders Await Key UK Data

GBP Rises Modestly in Subdued Trading Ahead of UK Data Releases

Thursday, July 10 – The British Pound (GBP) gained around 0.2%, outperforming most major currencies in an otherwise quiet trading session. The uptick reflects investor positioning ahead of key economic indicators set for release on Friday, which could influence the Bank of England’s (BoE) monetary stance.

GBP Outperforms in a Low-Volatility Session

With no major UK data released today, GBP’s rise has been primarily driven by technical levels and broad G10 currency positioning. The relative strength index (RSI) is neutral and sits slightly above 50, suggesting a lack of strong short-term momentum.

BoE Expectations Keep GBP Traders Cautious

Markets are closely watching for Friday’s UK trade balance and industrial production data, as these figures will likely weigh on the BoE’s decision-making at its next meeting on August 7.

“BoE rhetoric remains dovish, with markets currently pricing in 22 basis points of easing in August and over **50 bps by year-end,” analysts note.

Despite this dovish tilt, GBP’s medium-term trend remains bullish, although the recent consolidation phase has muted short-term upside.

Technical View: Support and Resistance Levels

Key GBP/USD technical levels to watch:

• Support: 1.3520
• Resistance: 1.3680
• 50-day moving average (MA): 1.3493 (critical medium-term support)

Traders are advised to monitor these levels closely as price action remains confined within a tight range.

Outlook: All Eyes on UK Economic Data

The next major directional cue for GBP will likely come from the Friday data releases. If trade and industrial output surprise to the upside, markets may reprice BoE expectations and drive renewed interest in GBP.

Stay updated with Tredu.com for real-time GBP forecasts and BoE rate decision coverage.