empty
13.01.2023 06:29 PM
GBP/USD needs more bullish energy despite positive UK GDP

The GBP/USD pair continues to move somehow sideways in the short term. The price action tries to accumulate more bullish energy before extending its growth. Fundamentally, the US Consumer Price Index reported lower inflation in December, that's why the greenback remains bearish.

Today, the UK data came in mixed. The GDP rose by 0.1% beating the 0.2% drop expected, Construction Output reported a 0.0% growth versus the 0.3% drop forecasted, while the Goods Trade Balance came in at -15.6B versus the -14.9B forecasts. In addition, Industrial Production and Manufacturing Production came in worse than expected.

The rate continues to stay within the current range as the US Prelim UoM Consumer Sentiment came in better thane expected, at 64.6 points versus the 60.8 forecasts.

GBP/USD Sideways Movement!

This image is no longer relevant

Technically, the GBP/USD pair maintains a bullish bias as long as it stays above the 1.2111 static support. 1.2241 stands as a static resistance while the 150% Fibonacci line represents a dynamic obstacle.

Still, staying near these upside obstacles may signal an imminent breakout and further growth. The current sideways movement could represent an accumulation.

GBP/USD Outlook!

Jumping and closing above 1.2241 opens the door for an upside continuation. This scenario brings new buying opportunities.

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

USD/JPY: Simple Trading Tips for Beginner Traders on May 6th (U.S. Session)

Trade Analysis and Tips for Trading the Japanese Yen The test of the 143.67 price level occurred at a time when the MACD was just beginning its downward movement from

Jakub Novak 19:00 2025-05-06 UTC+2

GBP/USD: Simple Trading Tips for Beginner Traders on May 6th (U.S. Session)

Trade Analysis and Tips for Trading the British Pound The test of the 1.3308 price level in the first half of the day occurred when the MACD indicator had already

Jakub Novak 18:58 2025-05-06 UTC+2

EUR/USD: Simple Trading Tips for Beginner Traders on May 6th (U.S. Session)

Trade Analysis and Euro Trading Tips The test of the 1.1335 price level occurred when the MACD indicator had already risen significantly above the zero mark, which limited the pair's

Jakub Novak 18:55 2025-05-06 UTC+2

USD/JPY: Simple Trading Tips for Beginner Traders on May 6. Review of Yesterday's Forex Trades

The test of the 144.02 level occurred when the MACD indicator had already moved significantly above the zero mark, limiting the pair's upside potential. For this reason

Jakub Novak 08:48 2025-05-06 UTC+2

GBP/USD: Simple Trading Tips for Beginner Traders on May 6. Review of Yesterday's Forex Trades

The test of the 1.3308 level in the second half of the day occurred just as the MACD indicator began to move downward from the zero line, confirming a valid

Jakub Novak 08:48 2025-05-06 UTC+2

EUR/USD: Simple Trading Tips for Beginner Traders on May 6. Review of Yesterday's Forex Trades

The test of the 1.1329 level in the second half of the day occurred when the MACD indicator had already moved significantly below the zero mark, which limited the pair's

Jakub Novak 08:48 2025-05-06 UTC+2

Intraday Strategies for Beginner Traders on May 6

The euro and the pound showed high volatility at the beginning of the week but remained trapped within trading channels. Although the U.S. dollar maintained an advantage, it's still

Miroslaw Bawulski 08:48 2025-05-06 UTC+2

USD/JPY: Simple Trading Tips for Beginner Traders on May 5th (U.S. Session)

Trade Review and Tips for Trading the Japanese Yen The test of the 143.81 price level during the first half of the day occurred when the MACD indicator had already

Jakub Novak 18:00 2025-05-05 UTC+2

GBPUSD: Simple Trading Tips for Beginner Traders for May 5th (U.S. Session)

Trade Review and Tips for Trading the British Pound The test of the 1.3322 price level during the first half of the day occurred when the MACD indicator had already

Jakub Novak 17:57 2025-05-05 UTC+2

EUR/USD: Simple Trading Tips for Beginner Traders for May 5th (U.S. Session)

Trade Review and Tips for Trading the Euro The designated levels were not tested in the first half of the day. In the absence of important fundamental statistics, EUR/USD volatility

Jakub Novak 17:55 2025-05-05 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.