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The pound continues to stagnate, only occasionally showing a desire to move at least somewhere. But these desires are caused solely by the election panic. So only regular reports that new polls predict a confident victory for Boris Johnson with his Conservative party, bring at least some form of revival. However, only for a short time, after which, everything returns to normal. Which is not surprising, since emotions are emotions, but it's better not to rush, and not to put everything on zero. So market participants clearly take a wait-and-see attitude.
Such behavior clearly indicates that the pound will not budge until the election results are announced, so today's statistics will only bring at least some recovery for a short period of time. At the same time, the data published today are extremely interesting, since they should show that the rate of decline in industrial production in the UK is slowing down from -1.4% to -1.3%. This is certainly good, though it still does not cancel the fact that industrial production declined. But what is much more interesting is the third quarter GDP data, which should finally confirm the fact of a slowdown in economic growth from 0.9% to 0.7%. The economy is practically not growing, and will grow even more slowly. This is before the actual withdrawal of the United Kingdom from the European Union. So the question of what will happen to the UK economy after Brexit is definitely not an idle one.
GDP growth rate (UK):
From a technical point of view, the pound continues to be stuck in a narrow band, from which it can not escape. It will remain in the range of 1.3130 to 1.3170 until the election.
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