GBP/USD holding above support at 1.22 as raft of UK data looms

Shortly, at 7am GMT the UK will release a whole raft of economic data. The main focus will be the latest GDP data across a number of periods. This is not expected to deliver a positive outcome, with the markets right now looking for any signs the UK economy is contracting and potentially heading towards recession. So, the pound fell yesterday afternoon and into the US close and that was all because of the comments last night by the Fed boss, Jerome Powell. He made it clear again, that the Fed is not confident their current stance is sufficiently restrictive. The GBP/USD was already falling, as US yields were pushed higher after what was another very poor US 30 year Treasury bill auction. The pound fell to as low as 1.2212 and later closed in the US at 1.2223. The previously noted support (21 day moving average) is now at 1.2200 and remains intact ahead of this data deluge. The pound is going to move on all this and there will be more to add once the data hits the screens here. The GBP/USD is currently trading at 1.2230