GBPUSD is being corrected on Wednesday after falling yesterday.
The British Pound is being corrected against the USD in the middle of the week. The current quote for the instrument is 1.2766; yesterday, it fell as deep as 1.2725.
According to the report published yesterday, the CBI Realized Sales in the UK increased up to 19 points in November after being 5 points the month before and against the expected reading of 10 points.
However, the Pound didn’t pay attention to this data and retreated under pressure from the USD. The American currency, in its turn, was supported by possible escalation in “trade wars”, which encouraged investors’ interest in “safe haven” assets.
Today, Her Majesty's Treasury (HM Treasury) and the Bank of England will publish their calculations on possible consequences of the country’s exiting the European Union. There are several scenarios and each of them may have different influence of the British economy and outlook after the Brexit. In case of the first scenario, a “tough” one, the country’s economy may lose additional 150B pounds in comparison with the second scenario, a “soft” one. Apart from this, the “tough” scenario may make the British economy vulnerable and the predicted GDP values in 15 years from now will be 7.6% less compared to another scenario, in which the United Kingdom was still a member of the European Union.
In addition to that, later in the evening the Bank of England Governor Mark Carney will deliver a speech, where he may comment or add something to the report from HM Treasury and the BoE.