The Great Britain Pound (GBP) rose against the U.S. Dollar (USD) on Tuesday, increasing the price of the GBPUSD to more than 1.3700, ahead of the release of UK Gross Domestic Product News.
Technical Analysis
As of this writing, the GBPUSD pair strengthens around 1.3741. The price of the GBPUSD pair might face some resistance near the listed price spots.
Resistance
1.3758 – the major horizontal resistance
1.3787 – the upper trendline arm
1.3900 – the psychological number
On the downside, the pair might find some support near the given below price levels.
Support
1.3680 – the low of February 08, 2021
1.3600 – the psychological level
1.3501 – the Fibonacci retracement (23.6%)
UK Gross Domestic Product (GDP) (QoQ) News
The National Statistics (UK) anticipates releasing numbers for the Gross Domestic Product Friday (February 12, 2021). According to the consensus of economists, the GDP registered a reading of 0.5% in the fourth quarter of 2020, as compared to the reading of 16%, in the quarter before.
The Gross Domestic Product reflects the macro view concerning the worth of products, including services and goods produced inside the UK. The GDP is considered a major indicator of the UK economic activity. Generally speaking, increasing numbers are seen positive for the GBP, hence suggests a bullish market for the GBPUSD pair ahead and vice versa.
Conclusion
Considering the price behavior of the pair over the past few days, buying it around current levels might be a profitable trading decision in the short to medium term.