The NY opening selloff allowed the GBP/USD to get back to the 1.6100 handle as investors awaited UK GDP news. The GDP Estimate of the past 3 months has contracted 0.3% in December, according to NIESR. Data follows a 0.1% growth in the prior month in the UK. The publication triggered more selling, down to 1.6088 low.
“The GBP/USD currency pair continues forming an ascending wave. The price is forming the fifth wave with the target at 1.6400”, wrote Roboforex.com analyst Igor Sayadov, expecting correction soon before starting a new ascending structure.