Sforex
Short

Sterling: UK GDP : Does Sterling recover ?

FX_IDC:GBPUSD   British Pound / U.S. Dollar
138 0 3
Next 24h, I concentrate in UK GDP revision + UK Total Business Investment data : Those data are very important in determine next step of Sterling.

Any positive data will cosolidate for BOE view about current considtion and confidently tighten monetary policy .

But negative data will destroy all hope about a "liff-off".

I am very surprised why traders bid for Sterling recent months despite of weak data and very dovish stance of BOE.

However, I think Sterling gradually lost momentum, recent strong SELL-OFF demonstrates that.

In my opinion, the data most likely is negative , and we should stay SELL

- Technical Analysis

I see GBPUSD             moved below SMA100 for the frist time since May 05 : 4 months trading above SMA100 : this proved SMA100 is good support.

The break SMA100 is an early signal for more loss.

GBPUSD             now stop at SMA200, but I think this level is not stable because it was pierced many times; I don't appreciate this level.

But I choose 1.5330 : This is a significant support.

Any break 1.5330 level will open the door for next support at 1.5200

In short, I choose the downside.

1.5500 is a good entry point if you want to place a PENDING POSITION.

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