The GBPUSD pair is finding some strength on Wednesday however, investors are hesitating to bet on either side ahead of an important final GDP Q/Q report which is due at 09:30 GMT.
Most economists are predicting a decline in GDP growth, given that the country is standing on very flaky ground, and the most recent economic data has also fell short of expectations. The forecast number for the final GDP q/q is -0.3% while the previous reading was also -0.3%.
The price action has broken out of its ascending triangle and now it is re-testing its lower base line. The purple rectangle on the chart represents where the price could go, if this pattern does play out completely on a 30 minute time frame. The longer term downward trend line show in a yellow colour could add a further headwind for its upward movement.
However, the RSI is trading in line with the price action which could push the price higher towards its minor resistance.
- 1.4877-1.4826 Minor
- 1.4697-1.4635 Major
- 1.5268-1.5323 Minor
- 1.5558-1.5514 Major