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11 Mar 2015
GBP/USD: Disappointing UK GDP estimate might expose 1.4950 – FXStreet
FXStreet (Barcelona) - Valeria Bednarik, Chief Analyst at FXStreet, comments that with GBP/USD remaining capped at 1.5100, a disappointing UK GDP estimate might lead the pair to slide towards 1.4950.
Key Quotes
“Later on in the day, the UK will release the NIESR GDP estimate, last at 0.7%. An up ticking figure can prevent the pair from falling an even push it back up towards the 1.5100 figure, although additional gains above 1.5120 are required to reverse the current bearish tone, and see the pair extending its gains towards the 1.5150/60 price zone.”
“The 4 hours chart shows that the price remained limited to the upside by a bearish 20 SMA, whilst the technical indicators have turned south, the Momentum around 100 and the RSI at 34, all of which supports a downward continuation: a disappointing number alongside with dollar broad strength should then push the pair below the 1.5010 figure, with scope then to extend the slide down to 1.4950, this year low.”
Key Quotes
“Later on in the day, the UK will release the NIESR GDP estimate, last at 0.7%. An up ticking figure can prevent the pair from falling an even push it back up towards the 1.5100 figure, although additional gains above 1.5120 are required to reverse the current bearish tone, and see the pair extending its gains towards the 1.5150/60 price zone.”
“The 4 hours chart shows that the price remained limited to the upside by a bearish 20 SMA, whilst the technical indicators have turned south, the Momentum around 100 and the RSI at 34, all of which supports a downward continuation: a disappointing number alongside with dollar broad strength should then push the pair below the 1.5010 figure, with scope then to extend the slide down to 1.4950, this year low.”