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May 12, 2022

Sterling Hits Lowest Level Since May 01, 2020, U.K.’s Prelim GDP q/q data in Focus; May 12, 2022

U.K. Prelim GDP q/q

Today U.K. has scheduled to release many key economic indicators at 0600 GMT/1130 IST. They are Prelim GDP q/q, Construction output, industrial production, 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 GBP has reacted during the previous data release:

Feb 11:

Nov 11:

Technical View:

GBP/USD:

The sterling depreciates sharply in early Asian hours and hits lowest level since May 01, 2020.
Today pair made intraday high at $1.2252 and low at $1.2210 mark.
A day chart and H1 chart with triple EMA suggest bearish trend for the time being.
A sustained close above $1.2250 on H1 chart will check key resistances.
Alternatively, a consistent close below $1.2190 will check further supports.

Supports	Resistances
$1.2190	$1.2250
$1.2158	$1.2278
$1.2122	$1.2301
$1.2101	$1.2330
$1.2078	$1.2362

Take a look and do trade wisely!
Good Luck

TP Global FX Research Team

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