GBP/USD: Daily Technical Analysis For Nov 27, 2014

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Fundamental Analysis:

The Great Britain Pound rose against the U.S dollar on Wednesday’s trading session after data confirmed that U.K. third quarter growth was in line with the preliminary estimates released last month. The Office of National Statistics reported that the economy grew 0.7% in the July-to-September period, unchanged from the initial estimate and in line with forecasts.

Service sector growth was revised up to 0.8% from 0.7% the ONS said, but industrial output was revised down to 0.2% from the initial estimate of 0.5%. The report also showed that business investment fell 0.7% in the last quarter, the first decline in over a year, while exports fell 0.4%.

Household spending was revised up to 0.8% the ONS said, the most since the second quarter of 2010.



Technical Analysis:

Intraday bias remains on the upside as 21 and 55 EMA are crossed northward signalling bullish minor trend. MACD, RSI and SSRC oscillator favors more buying in the medium term picture. A clear break of 1.58050 resistance would confirm more rise to 1.58400 and 1.58700 resistance is respectively.

Tomorrow U.S banks would be going for holiday, so there might not be much volume and liquidity in the market.

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