GBP/USD – The Pair Looks Bearish With Focus Shifting to UK GDP Data
- Buy Stop: 1.2125
- Take Profit: 1.2250
- Stop Loss: 1.1970
- Take Profit: 1.1840
- Stop Loss: 1.2225
- Timeline: 1-2 days
The UK GDP data is the focus point for the pair at the moment and this resulted in a bearish trend as the GBP/USD pair recently dropped from its peak point of the year. DXY also jumped to $103 from $100 after getting mixed signals from the US. Economics are expecting the ONS data lease will indicate a contraction of the economy by 0.3%.
The pair was exhibiting a clear downward trend for the past few days and also crossed the 5–day moving average. The RSI also moved below the neutral point but it wasn’t a major movement. With traders expecting the UK GDP data will show signs of weakness, the overall outlook for the pair is very bearish as of now.