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26 Feb 2015
GBP/USD outlook into UK Q4 GDP release – FXStreet
FXStreet (Barcelona) - FXStreet Editor and Analyst, Omkar Godbole, shares the technical outlook for GBP/USD, noting that the Q4 GDP release in the UK will set the upside tone for the pair.
Key Quotes
“The GBP/USD pair edged higher in the Asian session on Wednesday, trading at the technical resistance at 1.5540 levels (Dec. 8 low). The pair broke above 1.55 levels as short-term relative monetary policy expectations remain in favor of Pound.”
“The daily chart shows, the pair is moving in an upward channel with resistance at 1.5570 and support at 1.5378.”
“The UK Q4 GDP is seen unchanged at 2.7%. A test of 1.5570 could mean the pair has priced-in the expected GDP print in advance. Thus, we could see the pair drop to 1.5520 if the GDP data prints in line with the expectations”
“In case, the pair remains stuck around 1.5540, an unchanged GDP print could see the pair test 1.5570 levels. However, it would take a better-than-expected GDP to see the pair trade comfortably above the channel resistance at 1.5570.”
“Meanwhile, a weaker-than-expected print, though a low possibility, could push the pair down to 1.5477 levels.”
Key Quotes
“The GBP/USD pair edged higher in the Asian session on Wednesday, trading at the technical resistance at 1.5540 levels (Dec. 8 low). The pair broke above 1.55 levels as short-term relative monetary policy expectations remain in favor of Pound.”
“The daily chart shows, the pair is moving in an upward channel with resistance at 1.5570 and support at 1.5378.”
“The UK Q4 GDP is seen unchanged at 2.7%. A test of 1.5570 could mean the pair has priced-in the expected GDP print in advance. Thus, we could see the pair drop to 1.5520 if the GDP data prints in line with the expectations”
“In case, the pair remains stuck around 1.5540, an unchanged GDP print could see the pair test 1.5570 levels. However, it would take a better-than-expected GDP to see the pair trade comfortably above the channel resistance at 1.5570.”
“Meanwhile, a weaker-than-expected print, though a low possibility, could push the pair down to 1.5477 levels.”