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GBP/USD recovers to 1.4370 ahead of UK GDP

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The GBP/USD pair keeps losses and continues its gradual recovery mode on 1.43 handle as we head into the UK’s final GDP report.

    GBP/USD bounces-off 1.4330

    The GBP/USD pair trades -0.05% lower at fresh session highs of 1.4371, having found solid support near 1.4330 region. The cable’s recovery gained traction over the last as markets digest BOE Governor Carney’s comments, while attention shifts to the UK final GDP figures due out shortly.

    The third and final estimate of GDP is expected to confirm steady growth of 0.5% in Q4 2015. The annualized growth rate is seen unchanged at 1.9%.
    However, heavy sell-off seen in the oil as well as in the European stock markets continues to keep the risk currency GBP under pressure.

    GBP/USD Levels to consider

    The pair has an immediate resistance at 1.4400 (round number), above which 1.4459 (Mar 30 High) would be tested. On the flip side, support is seen at 1.4334 (daily S1) below that at 1.4300/1.4294 (50-DMA).
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