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    Global macro overview for 29/01/2016 2016-01-29

    Global macro overview for 29/01/2016:

    The UK GDP data for the fourth quarter were released yesterday and the figures were in line with expectations (0.5% q/q; 1.9% y/y). The services industry contributed greatly to the GDP increase in the end of 2015 (78.6% of Britain's economic output), while production and construction continued to drag the growth down. For the whole 2015, the UK growth slowed to 2.2% from 2.9% in 2014, the Office for National Statistics says. Importantly, the UK economic output have been rising steadily for the last 12 consecutive quarters and unemployment is at its lowest level for a decade. Therefore, the BoE is likely to be more focused on the global growth problems (particularly in China) that can cause headwinds for the British economic recovery.

    Now let's take a look at the technical chart of the GBP/USD pair. Currently, the H4 time frame shows down trend, and the recent bounce from the 1.4078 level is in a shape of a rising wedge. This means that any break below the lower dashed blue line will indicate the downtrend resumption that can even accelerate if the technical support at 1.4218 is violated.

    gbpusd_h4.jpg

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