Gtag:

Sterling Falls Sharply Ahead of U.K.’s Prelim GDP q/q Results, 30+ PIP Volatility Likely in GBP Parity; Feb 11, 2022

U.K. Prelim GDP q/q

Today U.K. has scheduled to release various key economic indicators at 0700 GMT/1230 IST. Such indicators include U.K. Prelim GDP q/q, Goods Trade Balance, Industrial Production and Manufacturing Production data.

Prelim GDP is the broadest measure of economic activity and the primary gauge of the economy’s health. There are 2 versions of quarterly GDP released about 45 days apart – Preliminary and Final. The Preliminary release is the earliest and thus tends to have the most impact.

Let’s see how Sterling has reacted during the previous data release:

Nov 11:

Aug 12:

Technical View:

GBP/USD:

  • The sterling trades slightly lower ahead of U.K.’s Prelim GDP results and hovers around $1.3540 mark.
  • Today pair made intraday high at $1.3569 and low at $1.3521 mark.
  • A day chart is up and H1 chart with triple EMA suggests down trend for the time being.
  • A sustained close above $1.3560 on H1 chart will check key resistances.
  • Alternatively, a consistent close below $1.3512 will check further supports.
SUPPORTS RESISTANCES
$1.3512 $1.3560
$1.3490 $1.3585
$1.3465 $1.3618
$1.3450 $1.3637
$1.3680 $1.3965

Take a look and do trade wisely!
Good Luck

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