GBP/USD Short Term Outlook

FX:GBPUSD   British Pound / U.S. Dollar
283 0 5
GBP/USD             is trading higher ahead of UK 4Q GDP data which is to be released today.UK GDP is expected to have moderated to 0.6% in this quarter compared to 0.7% in Q3.

In the weekly chart GBP/USD             has formed bullish divergence and rebound till 1.5265 cannot be ruled out.

On the downside GBP/USD             is facing short term support at 1.4950 and break below will target 1.4810 in short term.

Recommendation: Buy GBP/USD             around 1.5065-75, SL 1.4949, Target 1.5248
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