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SpanishSterling Moves in Narrow Range Ahead of U.K.’s Prelim GDP data, 40+ PIP Volatility Likely in GBP Parities; Aug 12, 2022
U.K. BOE Interest Rate Decision
U.K. Prelim GDP m/m
Today U.K. has scheduled to release Prelim GDP m/m data at 0600 GMT/1130 IST. It’s 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. Apart from GDP data, U.K. will release Industrial Production, Manufacturing Production and Goods Trade balance data.
Let’s see how GBP has reacted during the previous data release:
July 13:
June 13:
Technical View:
GBP/USD:
- The sterling remains slightly volatile on Friday ahead of Prelim GDP data and hovers around $1.2190 mark.
- Today pair made intraday high at $1.2200 and low at $1.2177 mark.
- A day chart is down and H1 chart with triple EMA suggests up trend for the time being.
- A sustained close above $1.2212 on H1 chart will check key resistances.
- Alternatively, a consistent close below $1.2172 will check further supports.
|
Supports
|
Resistances
|
|
$1.2172
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$1.2221
|
|
$1.2150
|
$1.2250
|
|
$1.2121
|
$1.2272
|
|
$1.2100
|
$1.2299
|
|
$1.2078
|
$1.2315
|
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