The British Pound has been weakening against the US Dollar since the beginning of the week. The negative tendency in the market of GBPUSD is still actual mainly to weak production stats.
However, the analysts working for BNP Paribas assume that the latest economic stats, which came out worse than expected, should be considered with a glance at the stats for the previous reporting period (they were anomalously high).
The currency strategists assume that after a GDP decline by 0.4% in Q2 2012, the actual growth will reach 0.7% in Q 2012.
These suppositions allow them to maintain long trades in the market of GBPUSD, thereby anticipating a rally up to 1.6800.
According to , the British Pound is currently recovering from the recent downtrend against the US Dollar. The experts report that GBPUSD has already formed a bullish FZR of wave level H1.
A further rally will probably encounter resistance around 1.6055, 1.6067/69, 1.6091. The current bullish move will be completed as soon as the price overcomes the bottom of the MF sloping channel and consolidates below 1.5996 (as shown below).
