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28 Aug 2015
GBP/USD stuck around 1.5420, awaits UK GDP
FXStreet (Mumbai) - The pound remained unresponsive to the sudden bout of selling witnessed in the US dollar, keeping GBP/USD in the same range ahead of 1.54 handle, as markets now shift attention towards the UK GDP print due to be released shortly.
GBP/USD clings to 1.5400
The GBP/USD pair trades 0.10% higher at 1.5420, gradually shedding gains as the key data nears. The cable remains supported on broad based US dollar weakness amid falling European indices including the FTSE as markets unwind their positions ahead of the UK GDP report.
The second official GDP estimate is projected to show the UK economy grew at a rate of 0.7% between the first and second quarters.
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 1.5404 (Today’s Low) below which it could extend losses to 1.5368 (Aug 27 Low) levels.
GBP/USD clings to 1.5400
The GBP/USD pair trades 0.10% higher at 1.5420, gradually shedding gains as the key data nears. The cable remains supported on broad based US dollar weakness amid falling European indices including the FTSE as markets unwind their positions ahead of the UK GDP report.
The second official GDP estimate is projected to show the UK economy grew at a rate of 0.7% between the first and second quarters.
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 1.5404 (Today’s Low) below which it could extend losses to 1.5368 (Aug 27 Low) levels.