Sforex
Short

Sterling: UK GDP : Does Sterling recover ?

FX_IDC:GBPUSD   POUND STERLING / US 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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