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GBP/USD sideways in Asian trading as UK data deluge looms

At 7am GMT this morning a whole raft of UK economic data will hit the screens. This covers Industrial and manufacturing and construction output in January, as well as trade balances and index of services. However, the headline of all this will be the latest monthly GDP data. As we know, the UK entered a mild recession in Q4 last year and so the markets will want to see, if that has been even slightly reversed in the first month of this year, or not. The markets are looking for growth of 0.2% in January, compared to a prior 0.1% contraction. The GBP/USD will react to any major surprise in that data. Right now it looks poised to jump either way it seems. The GBP/USD closed last night in the US at 1.2793, after hitting a session low yesterday afternoon, at 1.2746. The range seen so far today has been covered by 1.2786 to 1.2799. It is just now trading at 1.2794
 

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