The start of the year was quite flourishing for the pair, until the recent talks about hard Irish border and the EU Customs Union. This could hit hard on the GDP of the nation, which is expected to devalue from 0.4% to 0.3%. Have to keep an eye on this one.
Focusing on the technicals, we can see that the
GBPUSD
was ranging at the levels of 1.4000 ( 23% Fib Level). The pair is less likely to break the falling wedge so we can expect a breakout later on. The volatility remains quite low...as judged by the RVGI that is fluctuating at the 0.00 level it can be 'The Silence Before the Storm' before the release of the much anticipated GDP figures.
Judging by the sentimentals, traders are more likely going long because of the concerns of a May interest rate hike. The intraday focus, thus, is not disrupted. So we can expect a short for now.
Happy Trading.
Focusing on the technicals, we can see that the
GBPUSD
was ranging at the levels of 1.4000 ( 23% Fib Level). The pair is less likely to break the falling wedge so we can expect a breakout later on. The volatility remains quite low...as judged by the RVGI that is fluctuating at the 0.00 level it can be 'The Silence Before the Storm' before the release of the much anticipated GDP figures. Judging by the sentimentals, traders are more likely going long because of the concerns of a May interest rate hike. The intraday focus, thus, is not disrupted. So we can expect a short for now.
Happy Trading.