Cable has seen a sharp reversal of fortunes, presently down testing technical support in 1.5800/10 area. There is obviously some caution ahead of the Q-1 GDP data due in just under an hours time.
Data:
Q-1 GDP expected -1.9% q/q, -4.1% y/y
Private consumption -1.0%
Govt spending +0.8%
Gross fixed capital formation -4.1%
Exports -6.1%
Imports -6.0%
Index of services 3m/3m (March) -1.2%
At writing 1.5800/10 is giving out. Support below 1.5750/55