GBPUSD: Risk Builds Up On 1.3180 Levels Ahead Of U.K GDP Data!


According to the 4-H chart, the GBPUSD maintained a bullish momentum today. The focus has shifted to the upside to the 1.3180 levels. Immediate support is seen around 1.3044 levels, stability above this level will keep pushing to the upside to the 1.3180 levels as suggested by the 4-H chart, note that the daily closing above 1.3072 levels is supposed to pave the way to the 1.3178 levels (static resistance) as suggested by the daily timeframe.

A sustained breakout – daily closing – above 1.3178 levels will aim the 1.3270 levels, further upside, resistance comes at the 1.3362 levels.

On the downside, support comes at 1.3044 levels ahead of 1.3000 (main), below that level sees a fall risk to the 1.2930 levels.

Tomorrow, the U.K will publish economic growth figures for August on at 08:30 GMT. The U.K economy is expected to expand by 0.1% easing from July’s 0.3%, amid uncertainty about Brexit.

At the same time, the U.K will also report on Manufacturing Production for Aug. The indicator is expected to rise 0.1%, from -0.2% a month earlier.

Conclusion: Any reading above 0.1% for GDP followed by any positive news regarding the Brexit, should push the GBPUSD beyond the 1.3178 levels, but in return; any negative news or uncertainty about Brexit, the pair may spike to or beyond 1.3178 levels before a big fall to 1.3125 levels ( broken resistance turned support).

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