• Second Estimate GDP QoQ: The Gross Domestic Product (GDP) in the UK expanded 0.3% in Q1 of 2015 over the previous quarter which is below consensus 0.4%.
  
  
• Prelim Business Investment QoQ is surged to 1.7% way beyond forecast at 1.2%.

Technical watch: GBP/USD breaching channel line

It is traced out on both weekly & daily that the pair breached channel line at around 1.55 levels, corrected almost around 100% retracement.

It is now ahead of testing a significant support at 1.5276 levels to bounce back. So, expect some minor recovery in near term before further slumps in future as the oscillators (stochastic & RSI) on weekly chart are signaling strong overbought tendency.

Daily review:

Relative Strength Index (14): 44.9817

Stochastic: %K line = 1.4572; %D line = 14.9671

Bollinger bands: Upper = 1.5864; Lower = 1.5072

Weekly review:

Relative Strength Index (14): 48.0572

Stochastic: %K line = 56.6853; %D line = 74.4032

Bollinger bands: Upper = 1.5690; Lower = 1.4613