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28 Aug 2015
GBP/USD reverses initial UK GDP-led spike, drops to 1.5465
FXStreet (Mumbai) - The GBP/USD pair faded a spike to 1.5430 levels on the UK data release and dipped to lows below 1.54 handle shortly as markets assess the second estimate of the UK GDP report.
GBP/USD accelerates losses below 1.5400
The GBP/USD pair trades -0.18% lower at fresh session lows of 1.5364, retreating from 1.5350 levels reached post the data release. The cable flipped to losses as markets were left unimpressed by the UK growth numbers which showed no revisions to both the quarterly and annual measures of economic growth.
However the UK economy kept the pace and grew at the rate of 0.7% between the first and second quarters, and rose 2.6% on a year-on-year basis. This was the tenth consecutive quarter of positive growth, the Office for National Statistics (ONS) informed on Friday.
Looking ahead, the US session will attract attention as the recent series of upbeat US data, including better-than-expected US Q2 GDP, added to USD strength in the overnight session.
The Jackson Hole Symposium will continue for the second day, while on the macro front investors will eye personal income data and the University of Michigan confidence survey.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5443 (Today’s High) above which gains could be extended to 1.5509 (Aug 27 High) levels. On the flip side, support is seen at 1.5341 (July 9 Low) below which it could extend losses to 1.5328 (July 8 Low) levels.
GBP/USD accelerates losses below 1.5400
The GBP/USD pair trades -0.18% lower at fresh session lows of 1.5364, retreating from 1.5350 levels reached post the data release. The cable flipped to losses as markets were left unimpressed by the UK growth numbers which showed no revisions to both the quarterly and annual measures of economic growth.
However the UK economy kept the pace and grew at the rate of 0.7% between the first and second quarters, and rose 2.6% on a year-on-year basis. This was the tenth consecutive quarter of positive growth, the Office for National Statistics (ONS) informed on Friday.
Looking ahead, the US session will attract attention as the recent series of upbeat US data, including better-than-expected US Q2 GDP, added to USD strength in the overnight session.
The Jackson Hole Symposium will continue for the second day, while on the macro front investors will eye personal income data and the University of Michigan confidence survey.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5443 (Today’s High) above which gains could be extended to 1.5509 (Aug 27 High) levels. On the flip side, support is seen at 1.5341 (July 9 Low) below which it could extend losses to 1.5328 (July 8 Low) levels.