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23 May 2013
GBP/USD holds at 1.5066/68 after UK GDP
FXstreet.com (Barcelona) - The GBP/USD was again in focus Thursday, following the publication of key economic data in the United States, leaving many investors wondering how the pair would rebound after yesterdays uneven performance.
In the United Kingdom, Gross Domestic Product (QoQ) grew +0.3% in Q1, matching expectations of +0.3%. Moreover, Gross Domestic Product (YoY) has yielded +0.6% in Q1, in line with estimates calling for a growth of +0.6%.
At the time of writing, the pair has now moved marginally higher to 1.5068/70 level, up a modest +0.11% above its opening. The Mataf.net analyst team postulates the next means of resistance at 1.5119, followed by 1.5215, and ultimately 1.5266. Should the pair erase its gains, a movement below 1.4972 will initiate short-term supports for the GBP/USD at 1.4921, and 1.4825.
According to the Technical Analyst Team at ICN.com, “The GBP/USD extended the downside move approaching 78.6% correction at 1.4995. The possibility of extending the bearish move is valid today pointing out the importance of breaking 1.4995 levels for further bearishness towards 88.6% at 1.4920 and perhaps the previous bottom 1.4833.”
In the United Kingdom, Gross Domestic Product (QoQ) grew +0.3% in Q1, matching expectations of +0.3%. Moreover, Gross Domestic Product (YoY) has yielded +0.6% in Q1, in line with estimates calling for a growth of +0.6%.
At the time of writing, the pair has now moved marginally higher to 1.5068/70 level, up a modest +0.11% above its opening. The Mataf.net analyst team postulates the next means of resistance at 1.5119, followed by 1.5215, and ultimately 1.5266. Should the pair erase its gains, a movement below 1.4972 will initiate short-term supports for the GBP/USD at 1.4921, and 1.4825.
According to the Technical Analyst Team at ICN.com, “The GBP/USD extended the downside move approaching 78.6% correction at 1.4995. The possibility of extending the bearish move is valid today pointing out the importance of breaking 1.4995 levels for further bearishness towards 88.6% at 1.4920 and perhaps the previous bottom 1.4833.”