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GBP/USD showing signs of life ahead of UK GDP

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 23, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Mumbai) - The GBP/USD pair is attempting a recovery ahead of the UK GDP release after suffering losses for the seven straight sessions.

    Eyes UK GDP

    The GDP release is likely to leave the third quarter growth rate unchanged at 2.3% y/y and 0.5% q/q. Meanwhile, the current account deficit is seen widening to GBP 21.50 billion.

    The cable has been on a losing trend on the back of a rate hike in the US and increased possibility of BOE avoiding its own liftoff in 2016. The markets based measures say the BOE would raise rates only in February 2015.

    GBP/USD Technical Levels

    At 1.4850, the immediate resistance is seen at 1.4888 (76.4% of Apr-Jun rally), above which the pair could target 1.4957 (Dec 8 low). On the other hand, a support is seen at 1.4805 (previous day’s low) and 1.4739 (Apr 1 low).
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