GBPUSD Price and US Q4 GDP:
- US Q4 2018 GDP beats expectations though Q1 2019 expansion expected to slow.
- Sterling converging forward of renewed upside move.
GBPUSD is subsidy off in early NY turnover after US Q4 GDP kick marketplace expectations – 2.6% vs 2.2% – giving a greenback a tiny bid. The US information showed that business investment and private expenditure remained organisation with a pointy arise in egghead skill rights (13.1%) assisting to fuel a uplift. However new bad US tough data, including December’s shockingly diseased sell sales, indicate to a negligence US economy and today’s imitation might be a best for some quarters, signaling a softer greenback in a weeks ahead.
On a left-hand side of GBPUSD, Sterling continues to pull aloft as No Deal Brexit concerns dissipate. No organisation developments have nonetheless been motionless or during slightest disclosed, reigning in a British Pound, though serve upside looks a trail of slightest resistance. Today’s short-term reversal in a span could continue behind down to a cluster of supports between 1.3220 (January 25 high) and 1.3177 (38.2% Fibonacci retracement) though serve waste from here will expected need a disastrous Brexit title to give a pierce momentum. The new pierce above a Sep 20 high around 1.3300 needs to be sealed above to supplement acknowledgment to serve upside moves. The RSI indicator is in overbought territory, after a new convene from a Feb 14 low around 1.2770 and should be respected.
GBPUSD Daily Price Chart (February 2018 – Feb 28, 2019)
Retail traders are 45.3% net-long GBPUSD according to a latest IC Client Sentiment Data, a bullish contrarian indicator. Recent changes in daily and weekly perspective however give us a mixed trading disposition for GBPUSD.Weekly short-positions are 35.7% aloft than final week, as sell clearly sell into a new rally.
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