The British Pound received good figures today, such as the GDP estimate, but is still bound in a range. Here are 3 things that push it up, three things that push it down, and some thoughts on what will move it away from the range – with the downside seeming more likely. GBP/USD is trading almost perfectly between 1.5110 and 1.53. Here are some of the reasons for this see-saw: The good: Economy growing – the NIESR GDP estimate pointed to a 0.4% growth rate in Q1 of 2010, which is quite good. They also revised the previous version, of the months ending in February to 0.4%. House prices rising: Halifax HPI showed a rise of 1.1% in house prices, better than expected (0.6%), and showing that last month’s drop was probably a one-time dip. Strong industry: Manufacturing Production showed a rise of 1.3%, double the early expectations. Great data indeed. The bad: Rate decision: Although there were no news, the bank decided to move the next decision to after the elections. Are they delaying difficult decisions to a less sensitive period? Mervyn King wants a weak currency. Dollar strength: the greenback’s strength amidst the fresh global fears weighing on the dollar as well. Elections: The great uncertainty about the outcome of the general elections on May 6th aren’t good for the currency. The range: As aforementioned, GBP/USD is trading in a range. But the borders of the range aren’t equal: a little above the range – at 1.5350, the border is very tough – this is an important resistance line that holds the Pound low. On the other hand, the bottom border, 1.5110, is just a minor resistance line. The Pound was below the bottom border less than 10 years ago, while it didn’t breach the top border in 6 weeks. So, I tend to see a break out of the range to be downwards – below 1.5110 and towards 1.4780, the year-to-date low. Another leap in employment could help the Pound, but employment figures are due only on April 21st. Last time they only caused a false break. Till then, the dollar’s moves will probably dominate the Pound’s trading. With its inherent weakness, I see the Pound going. The big event that will unleash GBP/USD either up or down is the publication of the election results on May 6th. But there will sure be enough action till then. Want to see what other traders are doing in real accounts? Check out Currensee. It’s free. Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading NewsOpinions share Read Next Forex Daily Outlook – April 9th 2010 Yohay Elam 13 years The British Pound received good figures today, such as the GDP estimate, but is still bound in a range. Here are 3 things that push it up, three things that push it down, and some thoughts on what will move it away from the range - with the downside seeming more likely. GBP/USD is trading almost perfectly between 1.5110 and 1.53. Here are some of the reasons for this see-saw: The good: Economy growing - the NIESR GDP estimate pointed to a 0.4% growth rate in Q1 of 2010, which is quite good. They also revised the previous version, of… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.