Join our community of traders FOR FREE!

  • Learn
  • Improve yourself
  • Get Rewards
Learn More

During yesterday’s trading session GBP/CHF traded within the range of 1.4988-1.5116 and closed at 1.5096.

At 6:48 GMT today GBP/CHF was gaining 0.01% for the day to trade at 1.5097. The pair touched a daily high at 1.5107 at 6:00 GMT.

Fundamental view

The preliminary (revised) reading of the British GDP probably matched the advance reading of 3.1% in the first quarter compared to a year ago. The advance reading was estimated on April 29.

The Gross Domestic Product is an integral part of the UK public account and measures the total economic activity of the country. GDP is still referred to as one of the main “common indicators” for economic activity and presents economic growth in the last quarter. This is the first calculation of the indicator based on production data and is published three-and-a-half weeks after the end of the quarter. This is a preliminary value of the indicator and is presented as a percentage change compared to the corresponding quarter a year earlier.

The Office for National Statistics is scheduled to release an official report at 08:30 GMT. In case, the British GDP grew at a faster-than-expected pace, sterling’s demand will be heightened.

Technical view

Screenshot from 2014-05-22 09:51:31

According to Binary Tribune’s daily analysis, in case GBP/CHF manages to breach the first resistance level at 1.5135, it will probably continue up to test 1.5195. In case the second key resistance is broken, the pair will probably attempt to advance to 1.5273.

If GBP/CHF manages to breach the first key support at 1.5017, it will probably continue to slide and test 1.4939. With this second key support broken, the movement to the downside will probably continue to 1.4889.

TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

Related News

  • Natural gas futures weekly recap, May 5 – May 9Natural gas futures weekly recap, May 5 – May 9 Natural gas futures fell for a third day on Friday and settled the week lower as a larger-than-expected build in US natural gas storage suggested softening demand, while weather forecasts predicted no significant temperature drops through the […]
  • Natural gas surges on speculation for huge withdrawals ahead of EIA reportNatural gas surges on speculation for huge withdrawals ahead of EIA report Natural gas surged on Thursday amid speculation for a larger than the 5-year average drop in US gas inventories ahead of EIA weekly report, due later today. Meanwhile, natural gas and heating demand is expected to remain very strong as a […]
  • SM Energy appoints new Chief Operating OfficerSM Energy appoints new Chief Operating Officer SM Energy Company (NYSE: SM) said on Monday that it had appointed Beth McDonald as Executive Vice President and Chief Operating Officer, effective September 9th.Most recently, McDonald was Executive Vice President – Strategic Planning, […]
  • Forex Market: USD/MXN forecast for MondayForex Market: USD/MXN forecast for Monday During Friday’s trading session USD/MXN traded within the range of 13.0876-13.1498 and closed at 13.1347, gaining 0.33% for the day and 0.64% for the week.Fundamental viewMexicoAt 13:00 GMT on Monday Insituto Nacional de […]
  • Boeing share price up, scores a $22bn deal with RyanairBoeing share price up, scores a $22bn deal with Ryanair Boeing Co, the world’s largest aerospace company, revealed it has secured an $11bn order from Ireland-based Ryanair, Europes largest discount airline, which also only flies Boeing 737 jets, with additional $11bn options.The order for 100 […]
  • Accenture announces acquisition of AmmagammaAccenture announces acquisition of Ammagamma Accenture said on Tuesday that it had agreed to buy Ammagamma, a Modena, Italy-based company that helps businesses advance their uses of AI.The financial details of the agreement, however, were not disclosed.Established in 2013, […]