GBP/USD edging lower ahead of UK data deluge at 7am GMT

The noted breakout rise above 1.2250 yesterday in the GBP/USD was covered here and so was the later fall back towards that 1.2250 breakout point. What was not covered was the subsequent fall below 1.2250, which later led the Pound to just below 1.2200. It did rebound, to close in the US at 1.2242 and earlier today it tried to rise above 1.2250 once more, but stalled at 1.2248. Since then is has traded down to 1.2207. Well, very shortly at 7am there is a whole host of UK economic data releases and the headline of those is surely the latest GDP data covering GDP, industrial and manufacturing production, trade balances and index of services. The Pound looks like it will either break below 1.22 again, or have another attempt at rising back above 1.2250 after that data hits the screens. There will be another update as soon as possible once all that data is known. Meantime, the GBP/USD is trading at 1.2215