The British economy grew .3 percent in the first quarter of 2013. The forecast was only a 0.1% increase so, the deviation shot the GBPUSD upward about 200 pips today so far, to a two-month high of $1.546.
As far as technical analysis, the GBPUSD consolidated for days, it was running out of room and was at the end of a wedge. The huge breakout today could possibly be contributed to the technical and fundamental signals coming together.
Nathan talked about the possibility of the GBP/USD breakout in his technical analysis video yesterday! To see what Nathan said, watch the video here:
Winner’s Edge Trading, as seen on: