UK GDP: will it weaken the pound further?

<p>The pound will be the main focus of the day with the GDP set to be released. Market expectations are around 0.7%, a drop from […]</p>

The pound will be the main focus of the day with the GDP set to be released. Market expectations are around 0.7%, a drop from the previous 0.9%.  having been in a downward trend all this week. The MPC minutes showed a rate hike could be premature and retail sales came in below expectations yesterday. Cable is looking set to continue its fall if the estimated data is correct.

The yen gained some ground against the USD for the first time in seven days, seen as a safe haven against the Ebola case hitting New York. Currently at 108.10, with only the US new home sales expected to be at 473k from previous 504k.

The euro has no data out today and will most likely follow the USD movements, but there’s always potential from the ECB to shift the markets at any time.

 

EUR/USD

Supports 1.2610 1.2580 1.2500 | Resistance  1.2675 1.2740 1.2840

 

USD/JPY

Supports 107.10 106.75 106.20 Resistance 108.35 108.75 109.25

 



GBP/USD

Supports 1.5995 1.5940 1.5870  Resistance 1.6060 1.6130 1.6185

 

 

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