The Pound Reaches Key Levels Ahead Of U.K. GDP Data

• 27 Apr 2018

EUR/GBP

The EUR/GBP has broken both the 20- period EMA and the 0.870 price level to confirm the bearish bias. MACD has continued into negative territory and RSI has a downward trajectory. The next likely price target for sellers is the 0.863 price level.

Impact event: U.K. GDP data will be released at 11:30 GMT+3 and Governor Carney will speak at 17:00 GMT+3 with both events impacting all GBP pairs.

GBP/CHF

The GBP/CHF pair is approaching a market top as it moves into overbought conditions. The 1.380 price level will prove significant as price action has previously rejected this resistance level. RSI has hit the 70 overbought level and MACD appears to be turning more bearish, which could be the first sign of a potential reversal.

GBP/CAD

The GBP/CAD is following a descending triangle pattern which is generally a reversal signal, indicating bearish sentiment is likely to dominate the pair in the near-term. RSI is neutral, however, MACD has broken the zero line to the downside. If price action rejects the upper trend-line once more, a bearish reversal seems imminent.

 GBP/AUD

The GBP/AUD has hit a resistance level at the 1.842 price level which price action has rejected on several previous occasions. RSI has reached overbought conditions and MACD has a downward trajectory.