The GBP/USD pair has been pushing upwards since the 8th of February 2016, with the bulls leading the price from as low as 1.4352 to as high as 1.4579.
On Tuesday, the pair tried twice to bounce to the upside, managing to reach the daily high of 1.4516, but finished the day at 1.4458. Today, after consolidating for a while, the pair advanced to the high of 1.4579, before falling down to 1.4447, in the wake of the slowing GDP release. The NIESR reported that GDP declined to 0.4% in Q4 from the previous quarter’s 0.5% reading.
In the event where the buyers attempt another bounce to the upside and the price breaks above 1.4508, the pair could reach 1.4546 and 1.4579 again.
Alternatively, in the scenario where the sellers keep exerting strong pressures and the price breaks below 1.4436, the pair could find support at 1.4398 and 1.4352 respectively.
Please note: The content in this daily technical analysis article should not be taken as investment advice. It comprises our personal view.