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GBPUSD: British Pound Stays Unaffected By External Trade Deficit

13 April 07:48 AM

February’s increase in the UK external trade deficit (+₤8.8B) exceeded the most pessimistic expectations, thus destroying the economic recovery hopes. The deficit increased mainly due to lower exports to non-eurozone countries (by ₤11.7B or 8.8%) and higher import (by ₤16.7B or 1%) . This resulted in a ₤5B deficit in the bilateral trade with non-European countries.

At the same time, the external trade deficit with the eurozone lowered form ₤4.2B down to ₤3.8B in February.

According to Masterforex-V Academy, GBPUSD keeps being flattish (retracement against a long-term rally). The latest upswing - wave A/B of H4 – is completed. A break above the local high 1.5984 will resume the rally in the form of wave A/B of H8 or higher. The closest major levels of resistance are 1.6045 and 1.6062. Alternatively, a break below 1.5804 will resume the forming of wave A/B of Daily. If this is the case, the Mf sloping channel and pivot 1.5769 will turn into the closest major level of support.

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