Sterling Sensitivity Ahead Of Second Estimate GDP Report

Discussion in 'Fundamental Analysis' started by Angela_Riplay, Nov 27, 2015.

  1. Angela_Riplay

    Angela_Riplay Forum Member

    Sep 9, 2015
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    The lingering impact of Mark Carney's inability to provide a concise timeframe on a UK rate rise has punished the Sterling this week. This single currency continues to face headwinds from the Bank of England's clear reluctance to raise UK interest rates and this has encouraged sellers to depreciate the[​IMG]

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  2. intanfx

    intanfx New Member Trader

    Nov 27, 2015
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    The GBP/USD pair edged lower in thin trading, having met buying interest on an approach to the weekly low set at 1.5056, but contained below the 23.6% retracement of its latest weekly decline at 1.5135, the main resistance level for the upcoming sessions. There were no macroeconomic releases in the UK, but this Friday, the economy will release a second estimate of the Q3 GDP, expected to remain unchanged at 0.5%. An improved number may help the Pound recover, although at this point, the GBP/USD pair needs to regain the 1.5200 figure to begin looking more constructive. From a technical point of view, the 4 hours chart shows that the price is hovering around a bearish 20 SMA, whilst the Momentum indicator remains below its 100 level, and the RSI indicator retreats from its mid-line and heads lower around 45, all of which maintains the risk towards the downside.

    Support levels: 1.5050 1.5010 1.4980

    Resistance levels: 1.5135 1.5160 1.5190


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