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SpanishSterling Trades in Narrow Range Ahead of U.K.’s GDP Data, 25+ PIP Volatility Likely; July 09, 2021
U.K. GDP Results & Many More…
Today U.K. has scheduled to release various economic indicators at the same time at 0600 GMT/1130 IST. They are U.K.’s GDP, Goods Trade balance, Industrial Production and Manufacturing Production data. GDP is the broadest measure of economic activity and the primary gauge of the economy’s health. In case of mixed data release, sterling may face volatility for the time being.
Let’s see how GBP has reacted during the previous data release:
June 11:
May 12:
Technical View:
GBP/USD:
- The Sterling trades flat on Friday ahead of GDP and manufacturing production results.
- In addition, BOE Gov Bailey’s speech is in focus.
- The pair made intraday high at $1.3794 and low at $1.3766 mark
- A day chart and H1 chart with triple EMA suggests down trend for the time being.
- A sustained close above $1.3790 on H1 chart will check key resistances.
- Alternatively, a consistent close below $1.3760 will check further supports.
| SUPPORTS | RESISTANCES |
| $1.3752 | $1.3790 |
| $1.3732 | $1.3810 |
| $1.3705 | $1.3837 |
| $1.3680 | $1.3855 |
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