Review-
PRELIM GDP -
Growth in the UK has accelerated to 0.8 percent in the first three months of 2014, but hasn’t recovered to pre-recession levels, according to the Office for National Statistics in London. GDP is still 0.6 percent below its peak level reached 6 years ago. Year-on-year growth was 3.1 percent, which also missed the 3.2 percent forecast, according to the figures from the Office for National Statistics (ONS) released today. Britain's economy racked up its fastest growth in more than six years in early 2014.
Technical view-
In Asia's trading session, the pair is trading at 1.6824 levels. For today and the rest of the week, a trading pattern is very simple - sell on a rally. Bullish traders can wait patiently until it trades above 1.6875 levels. Traders can buy only above 1.6875 for targets at 1.69, 1.6911, 1.6950, 1.70 and 1.704 levels. On the down side, sellers can enter short positions only below 1.68 levels for immediate targets at 1.6778, 1.6766, 1.6763 levels. Once it breaks the 1.6763 levels, it will drift all the way towards 1.67, 1.6660 and 1.6681 levels. The panic situation will arise only after a break below 1.6681 (50SMA, daily) aiming at 1.66 and 1.6554 levels.
Until the pair crosses the 1.6830 levels, it looks weak. As of now, it made a high at 1.6829 levels and trading at 1.6825. On a positional basis, the pair has been trading in a range between 1.6763-1.6875. Breaking out either side will create a room for further trading setup. For intraday traders don't even think to buy below 1.6830.
Buy above 1.6875
Sell below 1.68
