NEW YORK (Forex News Now) – As of around 7:45 A.M. GMT on Tuesday, sterling was trading at around 1.5775 against the dollar, gaining ground after opening the Asian currency market trading session around 1.5720.
This is what the analysts say about the heavily traded currency pair in the near-term:
Forexcycle indicated that GBP/USD would stay in the range of 1.5649 to 1.5877 adding that “key resistance is at 1.5877, as long as this level holds, the price action in the range is treated as consolidation of downtrend from 1.6105 and another fall towards 1.5400 is still in favor.”
FXstreet reported that “the Pound is building up momentum ahead of the European session opening and the pair has squeezed above 1.5770 – yesterday’s high and weekly pivot point – extending its recovery from 1.5650 support area, reaching 1.5790 high so far.”
The realtime forex news site put R1 and R2 levels at 1.5804 and 1.5844 respectively with S1 and S2 following suit at 1.5693 and 1.5654.
The UK Office for National Statistics is scheduled to release a preliminary GDP report for Q3 at 8:30 A.M. GMT this morning which is predicted to impact GBP trading.
Forex analysts have forecast the yearly GDP report for Q3 to show a 2.4% increase from last year. The year-on-year GDP for the previous year had shown an increase of 1.70%. Forecasts for the quarterly report are for a 0.40% decline following a 1.20% increase for the previous quarter.