U.K. April monthly GDP fell 20.4%
Christophe Chevalier June 12, 2020 7:21 AM
Some key economic data were released this morning and they don’t look good.
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
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