GBPUSD makes an impressive rebound from daily lows at 1.2232 adding as of writing 0.46% at 1.2346 after stronger GDP data. The United Kingdom Gross Domestic Product (month over month) came in at 0.3% beating forecasts of 0.1% in July. United Kingdom Manufacturing Production (year over year) came in at -0.6%, topping expectations of -1.1% in July. The UK Goods Trade Balance came in at £-9.14B, also beating forecasts of £-9.6B in July.
GBPUSD breached the 50-day moving average and now bulls are back in the game. On the upside, immediate resistance now stands at 1.2383 the high from July 29th and then at 1.2443 the high from July 26. On the downside, immediate resistance stands at 1.2308 the 50-hour moving average and then at 1.2232 today’s low. Intraday traders can enter a long position if the pair close above 1.2372 daily high, targeting a break above 1.24, a stop order should be activated at 1.23. Short positions from here targeting 1.22 should place stop-loss orders at 1.2383.Traders must be very cautious with GBPUSD as the developments around Brexit will add to volatility.Don’t miss a beat! Follow us on Telegram and Twitter.