Chance to Grab 25+ PIP Movement in GBP Parity as U.K. Prelim GDP Data Out In Sometime, Nov 12, 2020
U.K. Prelim GDP Data
U.K will publish prelim GDP q/q, industrial production, manufacturing production and goods trade balance data around 0700 GMT/1230 IST. As U.K is going to release multiple economic data at the same time, there are chances of mixed data and volatility in GBP parity. Prelim GDP is the broadest measure of economic activity and the primary gauge of the economy’s health. Whereas industrial production and manufacturing production are leading indicators of economic health – production reacts quickly to ups and downs in the business cycle and is correlated with consumer conditions such as employment levels and earnings.
Let’s see how GBP has reacted during the previous data release:
GBP/USD: The pound trades flat in early Asia ahead of Prelim GDP q/q data. Today pair made intraday high at $1.3228 and low at $1.3210 mark. A sustained close above $1.3270 will drag the parity up towards $1.3290, $1.3322, $1.3354 and $1.3382 mark respectively. Key support levels are seen at $1.3190, $1.3156, $1.3090, $1.3054, $1.3002 and $1.2950 mark respectively.
Take a look and do trade wisely!