FXstreet.com (Córdoba) - GBP/USD edged lower nearing daily lows following the recent string of US data that showed initial jobless claims fell by 6K to 386K last week, while Q1 GDP revision came in line with expectations at 1.9%.
GBP/USD found support at a 2-week low of 1.5524 during the European session, but the subsequent bounce remained capped by the 1.5575 area, sending the pair back to daily lows. At time of writing, GBP/USD is at the 1.5530/40 zone, recording a 0.1% loss on the day.
From a technical view, "fall through 1.5540 support and dip to 1.5525, 50% of 1.5267/1.5776 ascend, keeps the negative short-term structure off 1.5776 in play, with break below 1.5525/00 supports to open more significant supports at 1.5460 zone, mid-June lows / Fib 61.8% of 1.5267/1.5776 upleg", says Slobodan Drvenica, analyst at Windsor Brokers Ltd. "Improvement in a short-term structure requires regain of strong barriers at 1.5640/50 zone, where main bear trendline off 1.6300 and previous high of 26 June lie".
GBP/USD found support at a 2-week low of 1.5524 during the European session, but the subsequent bounce remained capped by the 1.5575 area, sending the pair back to daily lows. At time of writing, GBP/USD is at the 1.5530/40 zone, recording a 0.1% loss on the day.
From a technical view, "fall through 1.5540 support and dip to 1.5525, 50% of 1.5267/1.5776 ascend, keeps the negative short-term structure off 1.5776 in play, with break below 1.5525/00 supports to open more significant supports at 1.5460 zone, mid-June lows / Fib 61.8% of 1.5267/1.5776 upleg", says Slobodan Drvenica, analyst at Windsor Brokers Ltd. "Improvement in a short-term structure requires regain of strong barriers at 1.5640/50 zone, where main bear trendline off 1.6300 and previous high of 26 June lie".
