GBP/USD TECHNICAL OUTLOOK : 27.10.2016

GBP/USD TECHNICAL OUTLOOK : 27.10.2016


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GBP/USD. Pair after opening at 1.2184 made a high of 1.2249, and seen some supply at 1.2250 levels but the pair was finding supports at 1.2170 and that has been violated so any rise is a good shorting opportunity in the pair but RSI remains oversold so the pair is likely to bounce but utilize that bounce to sell the pair as the long to medium term trend remains on the sell side

Fundamental Overview

Pound is trading at 1.2222, appreciating against the US dollar in yesterday’s trade. Markets have reacted positively to the comments from Mark Carney and also to better than expected mortgage lending numbers. Markets would be focused on the Q3 GDP data that is to be reported today and a positive reading should help the pound appreciate further.


Economic Data & News
TIME COUNTRY DATA ACTUAL SURV PREVIOUS
14:00:00 GBP GDP (QoQ) (Q3) 0.30% 0.70%
14:00:00 GBP GDP (YoY) (Q3) 2.10% 2.10%
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