GBPUSD The pair had traded for the second week in almost the same range.Week opened at the level of 1.2217. If a strong bearish trend the pair has moved into a correction and it did not manage to consolidate below the support level of 1.2080. After attempting to test the level of the pound rushed up to the 1.2265 resistance, but suffered a fiasco, rolled down again. The week closed just 35 points below the opening.
During the week we went fairly strong US statistical data. And even released on Friday, an unexpectedly high level of the United States GDP, 2.9% against the previous 1.4% and the expected 2.5% was not able to push the pound to fall. This may affect the upcoming oversold market, ie to the UK data was weaker:.. UK GDP, though higher than expected, but still lower than the previous value. The consumer confidence index from the GfK Group -3, too, was lower than the previous 1, but in line with expectations.
The current week is rich in important news events, so it is highly volatile. We can expect an upward corrective movement of the pair and fixing prices above the resistance 1.23.
According to the materials of Alpari