Onto IFO & UK GDP

Is sterling ready for 2 consecutive positive quarterly gains y/y? GBP traders await Thursday's all important release of Q2 GDP (4:30 ET, 8:30 GMT, 9.30 BST) expected +0.6% q/q from +0.3% q/q and +1.4% y/y from +0.3% y/y. Will the recent rally in GBP content with a figure matching expectations? Or, will the y/y figure has to be above 1.5%? GBPUSD failed the 61.8% retracement for now, but remains underpinned above the confluence of the 55-DMA and 100-DMAs. 30 mins before the release of the UK GDP is the July German IFO survey, each of the 3 components is expected to rise but private economists are cautious with disappointing figures considering recent anecdotal data.