For almost the entire duration of yesterday’s trading session, the pair headed slowly but surely to the downside. The support level located at 1.5600 is now breached but not in a decisive manner.
Technical Outlook
The level of 1.5560 stopped yesterday’s bearish movement and it represents now minor support for today’s price action. We anticipated a retracement lower based on the overbought condition indicated by the Relative Strength Index but today’s movement will give us more hints about whether this is just a retracement or a reversal. If it is indeed a trend reversal, price is likely to remain below 1.5600 and break 1.5560 to the downside.
Fundamental Outlook
At 08:30 am GMT the UK will release the Second Estimate of the Gross Domestic Product and although it tends to have a slightly lower impact than the Preliminary GDP Estimate, it still remains a high-importance indicator. For today’s release the predicted value is 0.6%. Numbers above forecast may strengthen the Pound and drive the pair higher.
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