GBP/USD is still residing inside the corrective structure between 1.2550-1.2416. Today GBP has had such economic event as MPC Member – Designate Hogg Speech and it was good for GBP as further monetary policies were discussed. It influenced the market as it bounced off from the support 1.2416. Today USD also had high-impact news of Prelim GDP report which was forecasted to be 2.1% but published at 1.9%. The negative report of USD helped GBP to bounce off from the support and Upcoming US CB Consumer Confidence is forecasted to be 111.3 and the news is expected to bring some volatility in the market.
Now let us look at the technical view, currently the price has bounced from the support area of 1.2385-1.2416. As of GBP already getting some bullish pressure from the support it is expected that the price is going to move up towards the resistance at 1.2550 soon. On the other hand, if the price breaks below the support level 1.2385 then the corrective structure will break and we will change our bias to bearish.
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