Gross Domestic Product (GDP) measures the annualized change in the inflation-adjusted value of all goods and services produced by the economy. It is the broadest measure of economic activity and the primary indicator of the economy’s health.
Usual Effect: A high reading or a better than expected number is seen as positive for the GBP, while a low reading is negative.
Frequency: Released quarterly, about 26 days after the quarter ends.
Last Read : 0.9%
Expectations : 0.7%
Actual : 0.7%
Volatility : High Volatility
Market Impact :a reading between 0.7% :0.11% is likely to bring sideways move within trend direction.
Support and resistance : 1.5873 , 1.5940 ,1.5987 , 1.6016 ,1.6078 , 1.6130 , 1.183 , 1.6225
Expected range : (1.5873 – 1.6130 ).
Technical Summary :with 1.6078 intact , further downside is likely , towards the 1.5940/1.5873 levels , break of 1.6078 will bring recovery towards the 1.6130 levels before the next fall , If 1.6130 is taken out , recovery is expected to extend towards the 1.6183/1.6225 levels…note thats a consolidation below 1.6078 will keep the under pressure !!!
Strategy : Sell below 1.6078….