GBPUSD, H1
UK Q1 GDP was revised lower: The UK’s GDP during the first quarter of 2016 was revised lower to 2.0% y/y from 2.1% in the preliminary estimate, disappointing the median forecast for an unchanged 2.1% reading. The q/q figure remained at 0.4%, as originally estimated, matching the median forecast. Services rose by 0.6% q/q while industrial production declined by 0.4% and construction by 1.0% q/q . In other data out of the UK, BBA mortgage approvals fell to 40.1k in April, down from 45.1k and well off the median forecast for a more modest decline to 44.7k. The outcome is also the lowest since March last year. The sharp rise in transaction taxes for investment properties, which was implemented in April, along with the Brexit issue (Remainers have been arguing that leaving the EU will hit house prices), are getting the blame. Sterling took a tumble in the wake of the data releases, putting Cable at an intraday low of 1.4677 after earlier logging a three-week high at 1.4739. A close above 1.4700 on the daily time frame would be very interesting for the BULLS.
Janne Muta
Chief Market Analyst
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Janne Muta is a seasoned industry professional with over 16 years experience in the global markets. Originally from Finland, Janne has worked for institutions in both Helsinki and London as an institutional fund manager, global market analyst and FX educator.
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