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.
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
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GBP/USD - GDP Data In Focus
Published 04/25/2013, 07:42 AM
Updated 02/02/2022, 05:40 AM
GBP/USD - GDP Data In Focus
Fundamental Analysis
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