Forex traders will get a big batch of UK economic data today. Front-and-center is preliminary fourth-quarter GDP, followed by service sector data, industrial and manufacturing production, as well as trade data. The GBPAUD is awaiting today’s data inside of its horizontal support area. How will price action react after the release? Today’s fundamental analysis will take a look at price action in both directions.

Australian home loans beat economists expectations and so did the value of investor loans. The upbeat picture allowed the Australian Dollar to advance during the Asian trading session, pushing the GBPAUD lower. Forex traders are now in a holding pattern for a large dose of important UK economic data. Will it allow bulls to launch a recovery, or can bears force a breakdown? Subscribe to the PaxForex Daily Fundamental Analysis and earn over 5,000 pips per month.