Watch out for the sucked in and spat out move that GBPUSD likes to play from time to time
Is there any reason for traders to steam into GBP longs on the back of the GDP numbers? Not in my book there isn't
We're up though and that might be dangerous for longs. For the last few days we haven't managed much of a move away from the lows, and that's never a good sign
GBPUSD H1 chart
To counter that we've had a prod at the downside three times and failed to make it count. Time can be a great healer and the longer we go without breaking down, the higher the chances are that we go up
At the moment I still feel that the downside is more probable than the upside but the levels need to be taken out to confirm either direction. The first of which is the short term downtrend right here at 1.5185/90. Larger is 1.5200/10. From there 1.5240, 1.5260/65, 1.5270/75 and 1.5285/90 need to go. That might be too much to ask of the pound without any significant help
We can guess all day long which way it will go but guessing isn't a strategy so 1.5125/30 is the downside number to watch and 1.5200 is the upside. A break of either could send us on our merry way