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GBP/USD revisits daily lows on upward revision of US GDP

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

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Bid tone around USD strengthened following an upbeat US Q4 GDP report, pushing the GBP/USD pair lower near its daily lows.

    Strong figure, consumption revised higher

    The final Q4 GDP print has been revised higher to 1.4% from the preliminary estimate of 1% mainly on account of a rise in consumption. Meanwhile, core personal consumption expenditure (pce) was left unrevised at 1.3% y/y.

    Consequently, cable dipped from 1.4134 to 1.4111 levels. Prices hit a low of 1.4108 earlier today before recovering to 1.4134 levels ahead of the data release. A strong US GDP figure means a weekly loss for the GBP/USD is now a done deal.

    GBP/USD Technical Levels

    The immediate hurdle is noted at 1.4154 (38.2% of 1.4669-1.3835), above which the spot could target 1.4192 (5-DMA) - 1.42 levels. On the other hand, breakdown of immediate support at 1.41 would shift risk in favor a drop to 1.4032 (23.6% of 1.4669-1.3835) followed by 1.40 levels.
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