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During yesterdays trading session GBP/USD traded within the range of 1.6778-1.6857 and closed at 1.6809.

At 7:02 GMT today GBP/USD was gaining 0.13% for the day to trade at 1.6829. The pair touched a daily high at 1.6831 at 7:00 GMT.

Fundamental view

United Kingdom

The advance reading of the British GDP probably rose to 3.2% in the first quarter compared to a year ago, from a final reading of 2.7% in the last quarter of 2013.

The Gross Domestic Product is an integral part of the UK public account and measures the total economic activity of the country. GDP is still referred to as one of the main “common indicators” for economic activity and presents economic growth in the last quarter. This is the first calculation of the indicator based on production data and is published three-and-a-half weeks after the end of the quarter. This is a preliminary value of the indicator and is presented as a percentage change compared to the corresponding quarter a year earlier.

The Office for National Statistics is scheduled to release an official report at 08:30 GMT. In case, the British GDP grew at a faster-than-expected pace, sterling’s demand will be heightened.

United States

Home values in 20 large cities throughout the United States probably rose at an annualized rate of 12.94% in February, preliminary estimates showed. In January, home prices climbed at a rate of 13.34%. S&P/Case-Shiller will release the official rate at 14:00 GMT.

In addition, confidence among US consumers probably improved in April. The corresponding index probably rose to a reading of 83.0 from 82.3 in March, which was the strongest since January 2008. The Conference Board research group is to announce the results from its survey, encompassing over 5 000 households in the country, at 14:00 GMT. If the gauge of confidence shows a better than expected performance, this would certainly heighten the appeal of the US dollar.

Technical view

Screenshot from 2014-04-29 10:04:57

According to Binary Tribune’s daily analysis, in case GBP/USD manages to breach the first resistance level at 1.6851, it will probably continue up to test 1.6894. In case the second key resistance is broken, the pair will probably attempt to advance to 1.6930.

If GBP/USD manages to breach the first key support at 1.6772, it will probably continue to slide and test 1.6736. With this second key support broken, the movement to the downside will probably continue to 1.6693.

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