GBP News

GBPUSD remains in uptrend from 1.2589, the pullback from 1.3125 could be treated as correction of the uptrend. Deeper decline to wards the bottom trend line of the price channel on its 4-hour chart is possible in a couple of days. As long as the channel support holds, the uptrend could be expected to resume, and another rise to test 1.3200 resistance is still possible. Key support is at 1.2811, only a breakdown below this level could signal completion of the uptrend.

The UK economy expanded in the second quarter on services output, but the pace of overall growth remained weak, preliminary data published by the Office for National Statistics showed Wednesday. Gross domestic product climbed 0.3 percent sequentially, slightly faster than the 0.2 percent expansion seen in the first three months of the year.

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Consumer confidence in the United Kingdom continued to deteriorate in July, the latest survey from GfK revealed on Friday with an index score of -12.

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GBPUSD is facing the bottom support trend line of the price channel on its 4-hour chart. A clear break below the channel support will indicate that the uptrend from 1.2589 had completed at 1.3267 already, then the following bearish movement could bring price to test 1.2811 key support. On the upside, as long as the channel support holds, the fall from 1.3267 could be treated as consolidation of the uptrend, and another rise towards 1.3300 is still possible after the consolidation.

GBPUSD moved sideways in a narrow range between 1.2939 and 1.3030. As long as 1.3030 resistance holds, the sideways movement could be treated as consolidation of the downtrend from 1.3267, and further decline towards the bullish support trend line on the daily chart is possible after the consolidation. On the upside, a break of 1.3030 resistance will indicate that the downtrend had completed at 1.2939 already, then the correction rebound could bring price back into 1.3120 zone.

GBPUSD stays below a falling trend line on the 4-hour chart. As long as the price is below the trend line, the downtrend from 1.3267 could be expected to continue and next target would be at 1.2750 area. On the upside, the pair is facing the bullish support trend line on the daily chart. As long as the trend line support holds, the fall from 1.3267 could be treated as consolidation of the uptrend from 1.2109 (Mar 14 low), and another rise towards 1.3450 is still possible. A clear break above the falling trend line could take price back to test 1.2930 and 1.3030 resistance levels. Above these levels could signal resumption of the uptrend.

GBPUSD remains in the downtrend from 1.3267, the bounce from 1.2841 is likely consolidation of the downtrend. Near term resistance is at top trend line of the price channel on its 4-hour chart. As long as the price is in the channel, the downside movement could be expected to continue and next target would be at 1.2750 area. However, the pair is now facing a bullish support trend line on the daily chart. Rebound off the trend line support could take price to the top of the channel. A clear break above the channel resistance could signal completion of the downtrend, then next target would be at 1.3030 resistance.

The average asking price for a house in the United Kingdom was down 0.9 percent on month in August, property tracking website Rightmove said on Monday - slipping 2,758 pounds.

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UK house price inflation eased in August as slower wage growth in relation to inflation intensify pressure on household finances amid weak economic growth, a private survey showed Tuesday. House prices increased 2.1 percent year-on-year in August, slower than the 2.9 percent growth seen in July, data published by the Nationwide Building Society showed Tuesday.

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GBPUSD remains in the uptrend from 1.2774, the price action from 1.2978 is likely consolidation of the uptrend. Near term support is at 1.2852, as long as this level holds, the uptrend could be expected to resume and next target would be at 1.3100 area. On the downside, a breakdown below 1.2852 support could take price to the key support level at 1.2774, below this level could signal completion of the uptrend from 1.1987 (Jan 16 low), then the following downside movement could bring price to test 1.1946 (Oct 7, 2016 low) support.