GBPUSD: Sterling Lower, Awaits Central Bankers Speeches

25 / 05 / 2018
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The greenback was strengthening again on Friday and the GBPUSD pair was down 0.25% during the London session, trading around 1.3340 in the morning.

Traders will focus on the revisions of the UK Q1 GDP growth, which came out at 0.1% quarterly and 1.1% yearly, which is the weakest economic growth in the G7 countries.

From the US calendar, traders will pay attention to US durable goods orders for the previous month, which are projected to decelerate steeply, but core durable goods are expected to improve to 0.5% from 0.1% previously.

Moreover, the BoE governor Mark Carney and the Fed Chair Jerome Powell are due to participate in a panel discussion titled “The future of central banking?” at the Sveriges Riksbank Anniversary Conference in Stockholm.

The GBPUSD pair is still holding the important support of 1.3310 and if above, chances are for a short squeeze rally. The first notable resistance is at the trend line around 1.34 and if broken, further rise toward the 1.35 level could occur. In all cases we strongly recommend to have rigorous money and risk management.

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