Forex Trading: GBPUSD Technical Analysis – Febuary 17, 2020
With the price of more than 1.2900 the Great Britain Pound (GBP) inched higher itself against the U.S. Dollar, this raise is starting from the last two days of the previous trading week. if we looked on the journey of the GBPUSD since the start of this year, then we come to know that it continuously struggling to maintain the stability in own price, that indirectly pointed that it does not allow its price to drop very badly, this continuous progress is because of the appreciated index of gross domestic product of the UK. As far as the technical bias is considered, so it might remain bullish because of the higher high movement reflected in the last upside move.
GBP/USD: Technical Analysis
Currently, the GBPUSD is quoted at 1.2971, the price has the fear of moving backward or breaking of its forward momentum due to its resistance levels that exist in the direction of its forward movement, at 1.3102, may face the first trendline resistance, shortly there is the level of Fibonacci at 1.3143, and then the main resistance is at 1.3512.
This is good for the GBPUSD that it could get the support at different intervals from its downside, that might be the helper for the pair’s price in order to lift the price up, at 1.2913, it is supported by the combination of the 38.2% fib level and the trendline, afterward at 1.2820, there is another trendline, then shortly after it, there is the major horizontal support at 1.2733.
UK Gross Domestic Product
From a fundamental point of view, the National Statistics released the Gross Domestic Product on February 11, 2020, upbeat economist expectations of 0.2 percent and thus stood at 0.3 percent. It is a measure of the total value of all the goods and services manufactured in the UK. GDP is seen as a large indicator of UK health and economy.
A high reading or a number that is stronger than expected has a positive effect on the UK, while a downward trend is seen as negative (or bearish).