UK Q2 GDP – how good is good ?

View Comments

Ok, so we all know by now that the market is expecting a good provisional figure today at 08.30 GMT as business activity rebounds after a weather affected Q1.

The big question though is how good is good and how much has been factored in?

The BOE’s own forecast was +0.5% vs +0.3% prev but we’ve had some analysts this week looking for +0.7-+0.8%

Cable has strong sell interest between 1.5390-1.5410 so we can expect that area to be tested from current levels ( 1.5355) if we get a number at the top end of the range.

Buy rumour/sell fact? Yep, I think so but if 1.5420-50 breaks then we may be in a period of further consolidation until we get a second reading.

For another take on the current scenario here’s a post I put up yesterday.

 

 

Author: Mike Paterson

Mike Paterson has more than 30 years of experience trading FX including as a senior trader with UBS and Credit Suisse. He was also head of FX at the State Bank of Victoria. With sizeable daily trading volumes Mike carved out a name in the market combining professional integrity with a cynical grasp of seizing market opportunity. Since leaving the City, Mike has been working as an independent consultant and trading along with presenting seminars and writing for a number of publications. Mike lives in Kent and supports Southend United FC.

15 Comments

  1. Pound has its bull target at 5450’s.. Its a profit taking area.

  2. Excellent call Mike. just made some good money buying the rumour and selling the fact. Thank you

  3. glad it helped Ricardo.. bit of a no brainer really

  4. Great post patto. Hit the nail on the head

  5. thanks Tom.. Ryan was on the money too

  6. Hi Mike and Ryan,

    Honesty speaking, both are real helpful even though some questions are not answer, is either not posted or too many comments…

  7. Technically the 61.8%Fibo on the Daily is key. Excellent place to limit risk and short the market. Its worked for the last 4 days…. Cable has be the little train that could’t….

  8. explain in more detail please Tiong Hua

  9. Great post Ryan….get your blackberry working? :)

  10. that was actually my post Tom but hey who’s counting ? lol

  11. Lol….auusie cricket team are wishing they could use that line
    2-0… Who’s counting?

  12. lol Tom.. Warner must come back though after his 194 knock eh?

  13. Boof would be crazy not to. Bring some resistance to the english bowlers and establish a foundation. Otherwise…….whitewash

  14. will be good for a fight in the bar after anyway !

  15. Hahaha….might be the only chance to get one up

Top

© Copyright 2014 ForexLive™  |  Advertise With Us  |  Login To Comment  |  Sitemap

HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all of your initial investment; do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.

ADVISORY WARNING: FOREXLIVE™ provides references and links to selected blogs and other sources of economic and market information as an educational service to its clients and prospects and does not endorse the opinions or recommendations of the blogs or other sources of information. Clients and prospects are advised to carefully consider the opinions and analysis offered in the blogs or other information sources in the context of the client or prospect's individual analysis and decision making. None of the blogs or other sources of information is to be considered as constituting a track record. Past performance is no guarantee of future results and FOREXLIVE™ specifically advises clients and prospects to carefully review all claims and representations made by advisors, bloggers, money managers and system vendors before investing any funds or opening an account with any Forex dealer. Any news, opinions, research, data, or other information contained within this website is provided as general market commentary and does not constitute investment or trading advice. FOREXLIVE™ expressly disclaims any liability for any lost principal or profits without limitation which may arise directly or indirectly from the use of or reliance on such information. As with all such advisory services, past results are never a guarantee of future results.