Despite the weak stats from the UK, the GBP is holding its position thanks to the euro/pound cross. However, even the cross won’t be able to keep the pound from weakening against its counterpart from across the pond for too long.
After the FOMC meeting, the pound/dollar fell to 1.5248. My target is 1.52 on the daily. On my forecast I’ve gone for a fall to 1.52. If the GDP figures are better than expected, I expect a break in 1.52 and a fall to the region of 1.5165/70.
The GBP/USD is continuing in its shift towards the trend line at 1.5207. We could see a break of 1.52 today. Keep a watchful eye on the American statistics.
I’m expecting a break in 1.52 with a 1.5080 target and then to 1.4930.