GBP/USD Reverses Down From the 100 SMA, After the UK GDP Report
Yesterday we decided to open a sell forex signal in GBP/USD, as this pair was finding resistance at the 100 SMA (green) on the H4 chart. This moving average was acting as support last week, while this week the price fell below and it has turned into resistance, that’s why we decided to sell this pair.
Today, the GDP report was released and it slightly missed expectations, but it’s good that it has turned positive for February, given the recession in the UK economy in recent quarters. The GBP has turned back down again now after the report.
UK February Monthly GDP
- February GDP MoM +0.4% vs +0.5% expected
- March GDp -2.9%; revised to -2.2%
- GDP QoQ -1.6%
- Prior GDP QoQ -1.7%
Slight delay in the release by the source. A slight bounce in economic activity after the January slump, with the services sector growing by 0.2%. That said, February 2021 GDP is still some 7.8% below February 2020 levels and 3.1% off the recovery peak in October 2020.
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