GBP/USD looks to 1.4300 post-UK GDP

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Jan 28, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The sterling is now gathering further traction vs. the greenback, sending GBP/USD to test session highs near 1.4300 the figure.

    GBP/USD stronger on UK data

    The pair has seen its daily upside accelerated after UK GDP figures have matched expectations today, showing the economy has expanded 1.9% on a yearly basis during the fourth quarter and 0.5% QoQ.

    Further releases saw the Index of Services advancing 0.6% on the three months ended in November, up a tad from the previous 0.5% gain.

    GBP/USD relevant levels

    As of writing the pair is up 0.33% at 1.4293 and a breakout of 1.4408 (20-day sma) would open the door to 1.4659 (50% Fibo of 1.5240-1.4079) and then 1.4811 (55-day sma). On the other hand, the next support lies at 1.4079 (multi-year low Jan.21) ahead of 1.4049 (monthly low feb.2009) and finally 1.4000 (psychological level).
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