HughGRection
Short

UK GDP Expectations

FX:GBPUSD   British Pound/U.S. Dollar
427 0 2
- At upper edge of 2 week channel
- Overbought RSI encountering 2 week resistance and showing signs of reversal
- MACD nearing 2 week resistance as well
- Upper edge of BB
- 3 previous cases have all shown the same technicals with a wedge into a large exhaustion move followed by an even larger drop

- If we receive confirmation of a triple dip recession, 1.52 will break, and this will probably open up 1.50. The downside potential is huge, while the upside will be fairly limited even with a positive GDP.
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