GBP/USD braced for a deluge of economic data at 6am GMT

It has come around to that day in the month again, when a whole batch of UK economic data hits the screens all at once. So, at 6am GMT this morning we get June GDP, manufacturing and industrial production data, construction output, trade balances and index of services. On this occasion we also have a whole raft of Q2 GDP reports and it is that data which is most likely to grab the headlines and have the biggest impact on the Pound and the UK markets. Whilst the economy is not expected to show any growth in June, the Q2 data is forecast to rise by 0.6%, and by an annualised rate of 0.9%. The level of Q2 business investment will not be ignored either, as that is now part of a vital new government plan to kick-start the UK economy. Ahead of all this data the GBP/USD is just now lifting from an earlier session low at 1.2820. The Pound had closed in the US last night at 1.2829. If you look at a chart of the GBP/USD covering the price action yesterday you will see it held that 1.2800 handle on each of the 3 times it was put to the test. That makes this now an immediate area of support. If above 1.2875 the Pound might extend, whereas below 1.28 it might do the opposite and those price points look like the levels to note heading into all this UK data a little later this morning. The GBP/USD is currently trading at 1.2839