30 Apr 2014
GBP/USD up despite GDP disappointments
FXStreet (Guatemala) - GBP/USD is trading at 1.6827, up 0.12% on the day, having posted a daily high at 1.6849 and low at 1.6793.
GBP/USD was hit on the UK GDP 0.8% q/q in Q1, slightly below consensus (0.9%). Strategists at RBS explained that given that BoE Staff revised up their forecasts to 1.0%, the number is mildly disappointing. “GBP sold on the 'miss' but then rallies. We can still see 1.70 Cable but spec GBP positioning is long”. GBP/USD spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bullish while RSI is in neutral territory at 53.62, up from it’s last hourly close at 52.62.
GBP/USD chart formations
Regarding candlestick formations, we can see Doji formation on the 1-hour.
GBP/USD Levels
Spot is presently trading at 1.6828, and next resistance can be seen at 1.6840 (Weekly Classic R1), 1.6849 (Daily High), 1.6852 (Daily Classic R1), 1.6860 (Yesterday's High) and 1.6879 (Weekly Classic R2). Next support to the downside can be found at 1.6824 (Monthly High), 1.6824 (Weekly High), 1.6824 (Annual High), 1.6824 (3 Year High) and 1.6824 (YTD High).
GBP/USD was hit on the UK GDP 0.8% q/q in Q1, slightly below consensus (0.9%). Strategists at RBS explained that given that BoE Staff revised up their forecasts to 1.0%, the number is mildly disappointing. “GBP sold on the 'miss' but then rallies. We can still see 1.70 Cable but spec GBP positioning is long”. GBP/USD spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index is slightly bullish while RSI is in neutral territory at 53.62, up from it’s last hourly close at 52.62.
GBP/USD chart formations
Regarding candlestick formations, we can see Doji formation on the 1-hour.
GBP/USD Levels
Spot is presently trading at 1.6828, and next resistance can be seen at 1.6840 (Weekly Classic R1), 1.6849 (Daily High), 1.6852 (Daily Classic R1), 1.6860 (Yesterday's High) and 1.6879 (Weekly Classic R2). Next support to the downside can be found at 1.6824 (Monthly High), 1.6824 (Weekly High), 1.6824 (Annual High), 1.6824 (3 Year High) and 1.6824 (YTD High).