Get 40% Off
🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

GBP/USD - GDP Data In Focus

Published 04/25/2013, 07:42 AM
Updated 02/02/2022, 05:40 AM
GBP/USD
-
BETI
-
ACT
-
Fundamental Analysis

The volatility for the GBP/USD pair remains low, as most investors are not interested to bet heavy ahead of the important economic GDP data due at 08:30 GMT. The forecast for this Preliminary GDP q/q data is for 0.1%; the previous reading was -0.3%. Traders are also paying more attention to this economic data, as it could put more pressure on the Bank of England to unravel another round of quantitative easing to prevent a third recession.
<span class=GBP/USD M30" title="GBP/USD M30" width="1426" height="763">
Technical Analysis
The Price action is trading within the symmetrical triangle on a 30 minute time frame. The price has followed the upper line of this triangle religiously so far, which means the upper trend is not strong enough at the moment to break this trend line.

However, the RSI is trading in line with the price action, which means the bias could be towards the upside.

Important Zones
Resistance
1.5554-1.5510

Support
1.5067-1.5020

DISCLOSURE & DISCLAIMER: The Above Is For Informational Purposes Only And Not To Be Construed As Specific Trading Advice. Responsibility For Trade Decisions Is Solely With The Reader.

by Naeem Aslam


Latest comments

Loading next article…
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.