U.K. April monthly GDP fell 20.4%

Some key economic data were released this morning and they don’t look good. The U.K. monthly GDP fell 20.4% in April; it was estimated at -15.0%. On its side, the 3-month GDP to April fell 10.4%, vs -10% expected. Industrial production also suffered a lot as it fell 20.3% in April, vs -15.0% estimated.

From a technical point of view, on a daily chart, GBP/USD is posting a pull back on its 50-day moving average (in blue). The daily RSI stands within its buying area between 50 and 70. Readers may therefore consider the potential for a new up move above horizontal support at 1.2335. The nearest resistance would be set at previous overlap at 1.2870 and a second one would be set at set at March top at 1.3200 in extension.

Source: TradingView, GAIN Capital


Related tags: Forex GBP Forex

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