UK GDP readings showed Britain’s economy grew strongly than expected, with the second quarter reading ticking up to 0.9%, and the YoY reaching 3.2% as expected. The up beating number however, was not enough to boost Pound, and the GBP/USD finally succumbed to dollar strength, trading now sub 1.6200 and at fresh 2-week low.
Technically, the 4 hours chart shows price extending below the 61.8% retracement of the latest bullish run at 1.6230, heading towards September 16th low around 1.6160 as immediate support. Indicators in the mentioned time frame are clearly bearish, heading lower into negative territory, which means a break through mentioned support should lead to a continued slide, short term towards 1.6100/20 price zone, but looking for a full 100% retracement towards 1.6051 this month low.
Above 1.6230 the bearish pressure may ease and the pair recover up to 1.6270/80 area, next Fibonacci resistance as per being the 50% retracement of the mentioned rally.
View Live Chart for GBP/USD
Technically, the 4 hours chart shows price extending below the 61.8% retracement of the latest bullish run at 1.6230, heading towards September 16th low around 1.6160 as immediate support. Indicators in the mentioned time frame are clearly bearish, heading lower into negative territory, which means a break through mentioned support should lead to a continued slide, short term towards 1.6100/20 price zone, but looking for a full 100% retracement towards 1.6051 this month low.
Above 1.6230 the bearish pressure may ease and the pair recover up to 1.6270/80 area, next Fibonacci resistance as per being the 50% retracement of the mentioned rally.
View Live Chart for GBP/USD
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