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6 Aug 2013
UK NIESR GDP estimate next: Impact on GBP/USD
FXstreet.com (Córdoba) - GBP traders will be closely watching the UK NIESR GDP estimate for the 3 months through July that will be publish at 14:00GMT, one month ahead of the official release.
Commenting on the release, Valeria Bednarik chief analyst at FXstreet.com said that with latest positive UK data giving support to Pound, expect the number to be a good market mover in this low volume days. “A strong reading should trigger further upward momentum in Pound against most rivals, while a negative one may see the currency suffering a kneejerk, although it will likely be short lived”, the analyst commented.
ahead of the NIESR estimate, GBP/USD is trading nearly flat on the day around 1.5350 after being rejected from a 1-week high of 1.5390 during the European session. If GBP/USD manages to overcome this latter, next resistances could be found at 1.5415 (Jul 26 high) and 1.5435 (Jul 25 high), while on the other hand, if the Cable falls below 1.5330, it could extend losses toward 1.5300 (psychological level) first, followed by 1.5260 (Aug 5 low).
Commenting on the release, Valeria Bednarik chief analyst at FXstreet.com said that with latest positive UK data giving support to Pound, expect the number to be a good market mover in this low volume days. “A strong reading should trigger further upward momentum in Pound against most rivals, while a negative one may see the currency suffering a kneejerk, although it will likely be short lived”, the analyst commented.
ahead of the NIESR estimate, GBP/USD is trading nearly flat on the day around 1.5350 after being rejected from a 1-week high of 1.5390 during the European session. If GBP/USD manages to overcome this latter, next resistances could be found at 1.5415 (Jul 26 high) and 1.5435 (Jul 25 high), while on the other hand, if the Cable falls below 1.5330, it could extend losses toward 1.5300 (psychological level) first, followed by 1.5260 (Aug 5 low).