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Take Profit – 1.2325

Stop loss – 1.2150

Buy Stop Loss – 1.2210

Bearish View

Take Profit – 1.2000

Stop loss – 1.2260

Timeline – 1-2 days

Support range – 1.2060

Resistance range – 1.2240

GBP/USD plays hide and seek with a break or bounce of 200-day moving average below 1.2100 level. After the recent GDP data was rolled out in the UK, the pair didn’t break out due to lack of liquidity in the market. However, due to the weaker dollar, the pair has edged higher in early European trade. The UK GDP data further consolidates the fact that the UK has drowned into the recession.

UK GDP data clearly indicates that the GDP has fallen by 0.3% in Q3, which is a downward revision from the initial estimate of 0.2%. There were multiple downward revisions in 2022 that shows the GDP has fallen by a total of 0.8%, which is below the pre-pandemic level.

GBP/USD is already up 60 pips from its daily low close to 1.2060 level with the daily candle break and close below the 200-day moving average, which may experince a psychological test at 1.2000 level. As far as teh upside resistance is concerned, then it is close to 1.2200 level and may see further movement in the upward direction.

Bullish view

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