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GBP Might Strengthen as GDP posts positive

GBP Might Strengthen as GDP posts positive

Information is not investment advice

On Friday 10th February 2023, the Office for National Statistics published the figures for the Gross Domestic Product (GDP) as 0.1% which turned out greater than the initial forecast of -0.2%. As a result of the positive outlook of this report, we need to examine the short-term impact on GBP pairs from a technical point of view.

GBPUSD

GBPUSDDaily-1002.png

GBPUSD is currently reacting from the confluence of the trendline support, the 200-Day moving average, and the 88% Fibonacci level. Also, since the 50-Day moving average already crossed above the 100 and 200-period averages, there's a huge chance we get to experience some bullish price action all the way to 1.24854 or higher.

Analysts’ Expectations: 

Direction: Bullish

Target: 1.24854

Invalidation: 1.19492

GBPCAD

GBPCADH4-1002b.png

Despite being in a downtrend, GBPCAD can be seen to have broken above two previous highs. This indicates the possibility of a bullish reaction from the highlighted drop-base-rally demand zone. I personally expect a typical case of a buy-to-sell movement to come into play in this scenario.

Analysts’ Expectations: 

Direction: Bullish

Target: 1.63470

Invalidation: 1.60654

GBPJPY

GBPJPYDaily-1002.png

GBPJPY has recently created a wedge pattern, and within this wedge the most recent price action has been a bullish reaction from the trendline support, leaving us with the option of a bearish rejection from the rally-base-drop supply zone. The 50-Day moving average acts as an additional confluence to validate our prediction.

Analysts’ Expectations: 

Direction: Bearish

Target: 156.21

Invalidation: 161.908

GBPAUD

GBPAUDH4-1002.png

GBPAUD is currently reacting from an area of supply. The 100-period moving average and the trendline resistance are an added confluence for the bearish price action since price is currently constricted within a wedge pattern.

Analysts’ Expectations: 

Direction: Bearish

Target: 1.73278

Invalidation: 1.75482

CONCLUSION

The trading of CFDs comes at a risk. Thus, to succeed, you have to manage risks properly. To avoid costly mistakes while you look to trade these opportunities, be sure to do your due diligence and manage your risk appropriately.

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Legal disclaimer: The content of this material is a marketing communication, and not independent investment advice or research. The material is provided as general market information and/or market commentary. Nothing in this material is or should be considered to be legal, financial, investment or other advice on which reliance should be placed. No opinion included in the material constitutes a recommendation by Tradestone Ltd or the author that any particular investment security, transaction or investment strategy is suitable for any specific person. All information is indicative and subject to change without notice and may be out of date at any given time. Neither Tradestone Ltd nor the author of this material shall be responsible for any loss you may incur, either directly or indirectly, arising from any investment based on any information contained herein. You should always seek independent advice suitable to your needs.

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