GBPUSD: Market Outlook, Plan and Probabilities Future Price Move

U.K.’s first GDP reading, which is expected at 0.0% after a 0.4% reading in Q3 2019.

If weak expectations then we could see GBP/USD drop below its 1.2875 weekly lows (weekly pivot s1 level) and maybe even make a run for the lower s2 or beyond. This is still possible given Cable’s daily ATR and its move so far today.
If today’s data dump allows the BOE to avoid the dove camp for a while longer, then Cable could revisit its 1.2970 broken support before submitting to other economic catalysts.

Speaking of, Fed’s Powell will talk economy in D.C. during the U.S. session. He will likely repeat the Fed’s growth optimism and concerns over low inflation but traders will also want to hear about the impact of Coronavirus and maybe his reaction to Trump’s latest calls for lower interest rates.