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GBPUSD Trades at Highest Since 2009, UK GDP to Show Economic Pickup

GBPUSD Trades at Highest Since 2009, UK GDP to Show Economic Pickup

David Maycotte,

Talking Points:

The British Pound rose against the US Dollar to trade at the highest level since 2009. In what is a quiet European session there is no obvious news-flow that may have sparked a rally in GBPUSD. On Tuesday, U.K. first quarter GDP is released and is expected to show a pick-up in activity.

“The fundamental developments coming out of the U.K. may continue to heighten appeal of the British Pound,” says DailyFX Strategist David Song, “BoE Governor Mark Carney may adopt a more hawkish tone for monetary policy as the outlook for growth and inflation improves.”

DailyFX Technical Strategist Kristian Kerr says this could be the start of a next leg higher. “GBPUSD has stalled just below the 1.6850 area…, [and this area] needs to be overcome to confirm the start of a new leg higher in Cable,” says Kerr, “a daily close under 1.6710 would turn us negative on the pound.”

GBPUSD Daily Chart from Price and Time: Gold Cracks Big support

GBPUSD Trades at Highest Since 2009, UK GDP to Show Economic Pickup

Chart Prepared by Kristian Kerr using FXCMMarketscope 2.0.

-- Written by David Maycotte, DailyFX Research Team. Questions, comments or concerns can be sent to instructor@dailyfx.com.

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