27 Jun 2013
UK Q1 GDP next: impact on GBP/USD
Fxstreet.com (Edinburgh) - The GDP figures in the British economy for the first three months of 2013 are due next. Market consensus expects the UK economy to have expanded 0.3% inter-quarter and 0.6% over the last twelve months, matching previous prints.
The sterling finds quite a strong support around 1.5300 the figure so far, currently consolidating today’s advance around 1.5330. Further upside impulse will face the initial hurdle at 1.5386 – 50-day moving average – ahead of the 21-day moving average at 1.5476. On the opposite direction, a breach of yesterday’s lows at 1.5297 would expose 1.5273 (low June 4th).
Valeria Bednarik, Currency Strategist at FXstreet.com commented, “In the 4 hours chart technical picture is also bearish, with price still heading towards 1.5270 midterm strong support. A break below this last should expose the 1.50 area for the upcoming days”.
The sterling finds quite a strong support around 1.5300 the figure so far, currently consolidating today’s advance around 1.5330. Further upside impulse will face the initial hurdle at 1.5386 – 50-day moving average – ahead of the 21-day moving average at 1.5476. On the opposite direction, a breach of yesterday’s lows at 1.5297 would expose 1.5273 (low June 4th).
Valeria Bednarik, Currency Strategist at FXstreet.com commented, “In the 4 hours chart technical picture is also bearish, with price still heading towards 1.5270 midterm strong support. A break below this last should expose the 1.50 area for the upcoming days”.