ANALYSIS
NQ100 Finds Support from PPIApr 14
GBPUSD:The Pressure of Macroeconomic Data Continues on the Pound
The data released by the British Office of National Statistics (ONS) the day we left behind revealed that the country's economy shrank by 0.1 percent in March, surprisingly. On the other hand, the first quarter gross domestic product (GDP) growth rate increased by 0.8 percent compared to the previous quarter and remained at 8.7 percent, below the market expectations of 9.0 percent on an annual basis. In this period, the trade balance had a record deficit of 23.90 billion, while sales in the pound accelerated. On the other hand, the dollar remains in demand given the aggressive rate hikes expected from FED, while parity is at its lowest level in 2 years. Technically, the strong selling pressure, which will continue as long as the 1.2275 level, technically indicated by the 161.8 percent Fibonacci expansion line, is defended as resistance, could force the pair to fall to 1.2025, which would be the lowest level since March 2020 after 1.2115.
