Pound Sterling Price News and Forecast: GBP/USD Elliott Wave technical analysis [Video]
|GBP/USD Elliott Wave technical analysis [Video]
The daily chart reflects a firm bullish trend in GBPUSD, underlined by impulsive wave patterns. The structure reveals navy blue wave three forming as part of a larger upward cycle marked by gray wave one. With navy blue wave two apparently completed, wave three is progressing strongly. This stage typically offers the greatest movement in an Elliott Wave impulse, suggesting that significant upward potential may lie ahead. Read more...
GBP/USD Forecast: Pound Sterling holds ground after mixed UK data
After climbing to a weekly high above 1.3350 in the European session on Wednesday, GBP/USD reversed its direction and ended the day in negative territory. The pair holds its ground in the European session on Thursday and trades slightly below 1.3300.
The UK's Office for National Statistics (ONS) reported early Thursday that the Gross Domestic Product (GDP) expanded at an annual rate of 1.3% in the first quarter. This reading followed the 1.5% growth recorded in the previous quarter but came in above the market expectation of 1.2%. On a negative note, the ONS said that Manufacturing Production and Industrial Production contracted by 0.8% and 0.7%, respectively, on a monthly basis in March. Read more...
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