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GBP/USD jumps to highs post-GDP, 1.44 closer

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 31, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    A bout of buying interest has boosted GBP/USD to fresh daily highs near the 1.4400 handle following the UK’s GDP figures.

    GBP/USD bid after data

    The pair has seen its upside renewed after UK’s GDP figures have surprised markets to the upside today, showing that the economy has expanded at an annual pace of 2.1% (vs. 1.9% exp.) and 0.6% inter-quarter (vs. 0.5% exp.) during October-December 2015.

    Further data saw UK’s Current Account deficit at £32.7 billion during the same period, more than the initially forecasted at £21.1 billion and at record highs.

    Spot has thus managed to regain the 1.4400 neighbourhood in the wake of the releases, bouncing off daily lows near 1.4330.

    GBP/USD levels to consider

    As of writing the pair is up 0.10% at 1.4392 and a break above 1.4517 (high Mar.18) would target 1.4574 (200-day sma) en route to 1.4670 (2016 high Feb.4). On the flip side, the next support lines up at 1.4277 (55-day sma) followed by 1.4254 (61.8% Fibo of 1.3833-1.4517) and finally 1.4051 (low Mar.18).

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