UK house prices contracted in December, extending the weak trend across the sector. GDP data disappointed last week, but PM Johnson’s strong election victory is expected to place the economy on the growth track in 2020. The UK Manufacturing PMI slid farther into contractionary territory, followed by the Services and Composite PMI’s, but the GBPUSD remained strong. Will it maintain its uptrend after the release of US data? Subscribe to the PaxForex Daily Fundamental Analysis and grow your balance trade-by-trade.

Forex traders are now looking forward to PMI data out of the US to gauge if it follows global data to the downside or managed to finish 2019 strong. The Empire Manufacturing Index is expected to show a pick-up in the sector. What impact will it have on the GBPUSD? Will bulls push price action higher or can bears force a correction? Today’s fundamental analysis will take a look at price action in both directions.