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SpanishSterling Falls Sharply Ahead of U.K.’s Prelim GDP q/q Results, 30+ PIP Volatility Likely in GBP Parity; Feb 11, 2022
U.K. Prelim GDP q/q
Today U.K. has scheduled to release various key economic indicators at 0700 GMT/1230 IST. Such indicators include U.K. Prelim GDP q/q, Goods Trade Balance, Industrial Production and Manufacturing Production data.
Prelim GDP is the broadest measure of economic activity and the primary gauge of the economy’s health. There are 2 versions of quarterly GDP released about 45 days apart – Preliminary and Final. The Preliminary release is the earliest and thus tends to have the most impact.
Let’s see how Sterling has reacted during the previous data release:
Nov 11:
Aug 12:
Technical View:
GBP/USD:
- The sterling trades slightly lower ahead of U.K.’s Prelim GDP results and hovers around $1.3540 mark.
- Today pair made intraday high at $1.3569 and low at $1.3521 mark.
- A day chart is up and H1 chart with triple EMA suggests down trend for the time being.
- A sustained close above $1.3560 on H1 chart will check key resistances.
- Alternatively, a consistent close below $1.3512 will check further supports.
| SUPPORTS | RESISTANCES |
| $1.3512 | $1.3560 |
| $1.3490 | $1.3585 |
| $1.3465 | $1.3618 |
| $1.3450 | $1.3637 |
| $1.3680 | $1.3965 |
Take a look and do trade wisely!
Good Luck
TP Global FX Research Team
With a decade of Forex Market insight, TP Global FX Research Team delivers you the Market Insight that boosts your Trading Skills