It is understandably a quiet day on the markets owing to a lack of macroeconomic data. Things should pick up rapidly from today. We have a number of high-impact data releases to look forward to, starting with the UK GDP estimates q/q. We expect data to expand 0.4%, but remains below the previous estimates. Beside, Unemployment claims and pending home sales m/m are due. We expect positive readings from the US.
Technical view: The cable has been falling for 4 consecutive days. At yesterday’s session, the cable managed to hold the 200Dsma closed above that. At today’s Asian session, the cable was trading at 1.5350 compared to Wednesday’s closing price of 1.5354. We advised selling for 1.5300. At yesterday’s session we advised selling for 1.5300 and 1.5260 again, a low was made at 1.5302. Intraday resistance is seen at 1.5360, 1.5390, and 1.5460. Intraday support is found at 1.5320 and 1.5300. We recommend buying above 1.5390 with targets at 1.5440 and 1.5460. For today’s trade, selling is available below 1.5280 with targets at 1.5240, 1.5200, and 1.5170. The weekly support is found at 1.5150 and 1.5100.
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