On Thursday, September 27, the market profile on the British pound can be regarded as normal daily deviation.
The British pound demonstrated mixed trading against the dollar due to the fact that the UK GDP contraction in the second quarter was not significant and the pair managed to resume its downward move.
According to ONS, British GDP lost 0.4% for the period from April to June in contrast to the first quarter. The economists were waiting for revised data as the predicted the index to reach -0.5%.
At the end of the day a fair price area was in the range of VAL – 1.6175 and VAH – 1.6221. The point of control POC was formed at 1.6189.
Forecast for Today:
In the course of today’s Asian session the British pound strengthened against the dollar.
In case the ascending movement continues, the first resistance levels will be placed at POC of September 21 – 1.6251, from which the acceleration will extend to VAH of September 21 – 1.6286 and then to POC of August 21 – 1.6309.
The most conservative longs will be trading below POC of August 30 – 1.6330.
In case the pair continues its descending movement, the first support level will be today’s POC – 1.6235 from which the fall will accelerates to POC of September 24 – 1.6219 and then to POC of September 20 – 1.6192.
The most conservative shorts will be trading below POC of September 26 – 1.6127.

Description:
POC (Point of Control) – orange horizontal line on the chart.
VAL – violet horizontal line on the chart, always below POC.
VAH – violet horizontal line on the chart, always above POC.