UK PM Johnson’s push for a December 12th 2019 election was defeated in Parliament and forex traders will now have to wait what will follow after the EU granted a Brexit extension until January 31st 2020. The GBPUSD retreated from its multi-month high as uncertainty surrounding Brexit rose. How will today’s economic data impact price action in this currency pair? Subscribe to the PaxForex Daily Fundamental Analysis and grow your balance trade-by-trade.

Yesterday’s economic data out of the US came in a lot weaker than expected and once again pointed towards economic contraction. Traders brushed aside recession fears and chose to push equity markets to fresh all-time highs and focus on the Fed which is expected to cut interest rates again later this week. Comments by US President Trump that he is likely to sign some parts of the US-China trade truce further boosted confidence. How will the GBPUSD react to today’s economic data out of the US? Today’s fundamental analysis will take a look at the upside potential as well as downside risk in this currency pair.