The GBP/USD is up after the release of the UK GDP figures for the second quarter of 2015, when the economic growth accelerated as expected, posting a 0.7% increase compared to the 0.4% advance of the first quarter.
Pressuring Monday's high, the pair has been in recovery mode ever since correcting down to the 61.8% retracement of its latest bullish run mid last week. Currently stuck around the 23.6% retracement of the same rally, the 4 hours chart shows that the price has recovered above its 20 SMA that maintains a tepid bearish slope, and the 200 EMA, horizontal around 1.5560. Both moving averages are still far from supporting additional upward momentum.
In the same chart, the technical indicators head north above their mid-lines, supporting additional advances, although the pair needs to establish above the 1.5600 level to able to extend its rally towards the 1.5650/70 price zone during the upcoming hours. Failure to break above the actual Fibonacci level on the other hand, may see the pair retracing back to the 1.5550 price zone, the 38.2% retracement of the same rally.
View live chart of the GBP/USD
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