Today November 11th, 2019 [Remembrance Day] the Great British pound had a sharp price reversal due to the ‘Quarterly GDP Report’ that was released today at 7:00 AM Eastern Standard Time. The forecast was 0.4% with the previous came in at -0.2% and now the actual current at 0.3% which made the Great British Pound take off up like a rocket to outer space when compared to the recent price action.
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The UK domestic product (GDP) in terms of volume increased by 0.3% in the third quarter. if you compare it from a year ago, the UK GDP increased by 1.0%. Some go on to say that this is the slowest rate quarter since 2010.
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So is this just a ‘Buy The Rumor – Sell The Fact’ price move? Or, will we continue to push to new highs. Current price is 1.2875, we have major support at 1.2780 and resistance at 1.2975. We were in a bearish tone sentiment until today’s fundamental news. There is also a Regular Divergence Bull Setup that support this move to go higher at this particular time.
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However, nobody knows for certain what the Forex market will do in the near term. If we knew that we all would be living a lavish lifestyle now would’t we? Good luck and good trading to those who trade off of Fundamental news only.
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