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    GBP/USD rises ahead of UK GDP

    © Dukascopy Bank SA
    "Relatively high UK yields are lending GBP some support. However, the pound is vulnerable to political uncertainty in the approach to the May 7 UK general election."
    - Rabobank (based on WBP Online)

    Pair's Outlook
    Yesterday, despite some troubling volatility to the downside, the GBP/USD pair still ended the trading session with a rally. The Cable managed to overcome the 1.52 level and even went over the Bollinger band, before stabilising at 1.5221. Technical studies are suggesting further rally today, in spite of weaker GDP data expectations. A strong resistance cluster around 1.5290 should limit gains, while we should not rule out the probability of a fall back to 1.51 due to possible improvements in US fundamentals.

    Traders' Sentiment
    SWFX traders' outlook towards the Sterling improved, as the share of longs increased by four percentage points, up to 45%. The number of buy orders retreated to its last Thursday's level of 42%.

    © Dukascopy Bank SA

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