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Pound takes a spill as reality bites

Market remembers what the fundamentals look like through the Brexit fog

GDP revisions are not usually a big market mover unless it's a big mover itself. The pound has fallen off its perch above 1.4700 to 1.4677, briefly slipping below intraday support at 1.4685/90.

As I type we're just deciding whether to get back above or stay below. The longer we stay below the more new resistance we'll see building at 1.4700 and the 1.4730/40 level will grow as resistance too.

GBPUSD 15m chart

1.4660 is where we should see support if we drop under 1.4680, followed by 1.4635/40.

There's nothing horrific in the GDP data, there's nothing amazing in it either. The market has just had a reminder that whatever happens with the Brexit vote, there's still a lot of work to be done on the economy.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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