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28 Aug 2015
GBP/USD consolidates below 1.5400
FXStreet (Mumbai) - The GBP/USD pair recovered most losses and tries hard to regain 1.54 barrier in the European afternoon, as markets digest the UK data keeping the pound undermined.
GBP/USD faces immediate hurdle just ahead of 1.5400
The GBP/USD pair trades -0.08% lower at 1.5391, recovering slightly from 1.5364 levels reached post the data release. The cable continues to consolidate to the downside after the pound was dragged to session lows in a delayed reaction to the UK GDP report 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 and may direct further USD moves, having major influence on the GBP pair.
Meanwhile, 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 faces immediate hurdle just ahead of 1.5400
The GBP/USD pair trades -0.08% lower at 1.5391, recovering slightly from 1.5364 levels reached post the data release. The cable continues to consolidate to the downside after the pound was dragged to session lows in a delayed reaction to the UK GDP report 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 and may direct further USD moves, having major influence on the GBP pair.
Meanwhile, 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.