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GBP/USD Forecast: stuck in the falling channel ahead of UK GDP

Discussion in 'Technical Analysis' started by FXStreet_Team, Oct 27, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The GBP/USD pair rose to an intraday high of 1.5381 on Monday, before trimming gains to end the day at 1.5350 levels. The closing marked a failure to take out 50-DMA resistance and also a failure to sustain above 1.5355 (38.2% of 1.5107-1.5509). GDP may surprise on the positive side UK Q3 GDP figures are due for release today. Economists see quarter-on-quarter growth slowing to 0.6% from previous figure of 0.7%. However, the GDP could surprise on the higher side; courtesy of super strong UK

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