US Dollar Gains on GDP Data, GBPUSD Losses May be Fleeting

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.

Q1 2019 GBP and USD Forecasts and Top Trading Opportunities

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.

Further GBPUSD Gains Likely Limited Near-Term.

GBPUSD Daily Price Chart (February 2018 – Feb 28, 2019)

US Dollar Gains on GDP Data, GBPUSD Losses May be Fleeting

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.

Traders might be meddlesome in dual of a trade guides – Traits of Successful Traders and Top Trading Lessons – while technical analysts are expected to be meddlesome in a latest Elliott Wave Guide.

What is your perspective on GBPUSD – bullish or bearish?? You can let us know around a form during a finish of this square or we can hit a author during nicholas.cawley@ig.comor around Twitter @nickcawley1.