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GBP/USD: technical & fundamental

Kira Iukhtenko, FX BAZOOKA

As can be seen from the H4 chart, GBP/USD remains in an uptrend from $1.5850 (Nov. 12 low) and is trading in a short-term bullish channel since mid-November. Another retest of a strong resistance at $1.6260 (Oct. 1 high) is still possible. Next resistance is seen at $1.6340 (2009-2013 trend line).

The picture remains clearly bullish in a short-term as long as the bullish channel support holds (currently at $1.6150). The next support lies at $1.6130 (Nov. 25 low).

Second estimate of UK Q3 GDP with expectations of +0.8% q/q will likely set the tone for cable (today, 9:30 GMT). On Thursday the BoE Carney is due to hold a press conference about the Financial Stability Report in London.

Chart. H4 GBP/USD

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