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GBP/USD challenges 1.3900 post-GDP

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Feb 25, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The sterling has intensified its decline to session lows following UK’s GDP figures, leaving GBP/USD testing the key support at 1.3900.

    GBP/USD weaker, eyes multi-year lows

    The pair’s decline has been exacerbated today after flash UK Q4 GDP figures have matched consensus, showing that the British economy has expanded 0.5% inter-quarter and 1.9% on an annualized basis.

    Further results in the UK docket showed Business Investment contracting 2.1% QoQ during the last three months of 2015.

    GBP/USD levels to consider

    As of writing the pair is retreating 0.10% at 1.3918 and a break below 1.3876 (multi-year low Feb.24) would expose 1.3681 (monthly low June 2001) and then 1.3653 (monthly low March 2009). On the upside, the next resistance lines up at 1.4350 (20-day sma) followed by 1.4529 (55-day sma) and finally 1.4670 (high Feb.4).
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