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30 Jun 2015
GBP/USD back above 1.57, awaits UK Q1 GDP
FXStreet (Mumbai) - The GBP/USD pair recovered from the low of 1.5693 to trade around 1.5720 ahead of the final Q1 UK GDP report.
UK GDP expected to be revised higher
The final Q1 UK GDP print is seen rising to 2.5% from the initial estimate of 2.4%. The cable had dipped to 1.5693 as the USD rallied across the board on Greece default and increased threat off Grexit. However, a slight recovery in the EUR/USD pair, coupled with the expectation of an upwardly revised UK GDP helped the GBP/USD rise above 1.57 handle.
Apart from the UK GDP, the pair could be influenced by the movement in the EUR/GBP cross and the US consumer confidence data due for release later today.
GBP/USD Technical Levels
The immediate resistance is seen at 1.5749 (1.5169-1.5928), above which gains could be extended to 1.58. On the flip side, a break below 1.57 could push the pair down to 1.5667 (June 24 low).
UK GDP expected to be revised higher
The final Q1 UK GDP print is seen rising to 2.5% from the initial estimate of 2.4%. The cable had dipped to 1.5693 as the USD rallied across the board on Greece default and increased threat off Grexit. However, a slight recovery in the EUR/USD pair, coupled with the expectation of an upwardly revised UK GDP helped the GBP/USD rise above 1.57 handle.
Apart from the UK GDP, the pair could be influenced by the movement in the EUR/GBP cross and the US consumer confidence data due for release later today.
GBP/USD Technical Levels
The immediate resistance is seen at 1.5749 (1.5169-1.5928), above which gains could be extended to 1.58. On the flip side, a break below 1.57 could push the pair down to 1.5667 (June 24 low).