31 Mar 2016
Sterling more sensitive to recoveries in USD - FXStreet
Valeria Bednarik, chief analyst at FXStreet explained that the GBP/USD pair extended its weekly gains up to 1.4458 this Wednesday but lost nearly 100 pips in the American afternoon.
Key Quotes:
"...due to Pound's self weakness, the pair is more sensitive to dollar's intraday rallies. There were no macroeconomic releases, but the UK will publish the third and final GDP estimate for the final quarter of last year early Thursday.
The annual rate of growth is expected to remain unchanged at 1.9%, while during the last three months of 2015, growth is expected to have been of 0.5%, as previously estimated.
Should the reading beat expectations, the pair may retest this March highs around 1.4515. In the meantime, the technical picture shows that the price is holding above the 61.8% retracement of its latest daily decline at 1.4335, the immediate support.
Key Quotes:
"...due to Pound's self weakness, the pair is more sensitive to dollar's intraday rallies. There were no macroeconomic releases, but the UK will publish the third and final GDP estimate for the final quarter of last year early Thursday.
The annual rate of growth is expected to remain unchanged at 1.9%, while during the last three months of 2015, growth is expected to have been of 0.5%, as previously estimated.
Should the reading beat expectations, the pair may retest this March highs around 1.4515. In the meantime, the technical picture shows that the price is holding above the 61.8% retracement of its latest daily decline at 1.4335, the immediate support.