30 May 2013, 17:00  Pound rises after the worse than expected GDP

GBP/USD has ticked higher after the worse than expected GDP and jobless numbers, 354k against 340k. GDP (Annualised) came in at +2.4% in Q1, below the market consensus of +2.5 The pair had been trading better in the early morning trade and taking out 1.5170 resistance overnight. If the pair can maintain its path, despite an earlier pull back, the next notable topside level is 1.5280, a triple top. The jobless date and GDP were pretty much in line, so the BOE next week is going to be gaining more focus with the recent drop off in CPI. There is speculation that the chances of easing have now increased. Next weeks PMIs will be in focus as well. Intra-day 1.5200 the first level which should hold while 1.5100-15 is first support.

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