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Apr 12 - 06:55 AM

GBP/USD - COMMENT-Sterling Primed Ahead Of Key Growth Data

By Peter Stoneham  —  Apr 12 - 05:13 AM

Sterling gains to start the week and could be pointing the right way ahead of UK gross domestic product data, due Tuesday.

Both GBP/USD and EUR/GBP show a turnaround in the pound following Friday's technical signals suggesting further weakness was in the pipeline.

Largest gains are versus the EUR, with the cross posting an early 0.5% decline.
The EUR failed to hold an Ichimoku cloud break Friday and is now heading away from the thick 0.8665-0.8815 cloud at pace.

For GBP/USD ground above 1.3700 regained and potential for a bullish signal on the daily chart.
A close above 1.3750 would complete a bullish key day reversal, albeit reversing only a minor bear run.

Analysts look for March GDP to regain some of the January-Feb lost ground as the return of schools and business preparation before lockdowns ease drives activity.

The Financial Times report about the EU-UK talks regarding Northern Ireland is seen as supporting sterling nFWN2M402W and today sees English shops and pub gardens re-open as lockdown restrictions are eased. nL1N2M50BP

For more click on FXBUZ





EUR/GBP daily Ichimoku chart: Click here

GBP/USD daily candle chart: Click here

Source:
Refinitiv IFR Research/Market Commentary

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