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GBP/USD trims losses after UK GDP report

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Nov 27, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Mumbai) - The GBP/USD pair recovered to 1.5068 after the second estimate of the UK Q3 GDP report kept the growth rate unchanged as expected.

    Supported at Monday’s low

    The cable found support at the Monday’s low of 1.5053 levels ahead of the data release. The GDP was kept unchanged at 2.3% y/y and 0.5%q/q. The private consumption was revised higher to 0.8% q/q. Business investment was also revised higher to 2.2%.

    The Pound may have found support from the upbeat details, but still remains weak on the day. Given the empty economic calendar in the US, the pair may not witness much action in the US session.

    GBP/USD Technical Levels

    The immediate resistance is located at 1.5087 (61.8% of Apr-Jun rally), above which the gains could be extended to 1.5148 (50% of Apr-Jun rally). On the other hand, a break below 1.5153 (daily low+Monday’s low), would expose 1.5027 (Nov 6 low) and 1.50 handle.
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