GBP/USD: bullish, shallow retracement on profit taking

Valeria Bednarik FXStreet

GBP/USD Current price: 1.2920

View Live Chart for the GBP/USD

The Pound trades firmly above the 1.2900, but retreating from a fresh 2017 high of 1.2956. Earlier in the day, the UK released a disappointing Q1 GDP, as the economy grew by 0.3% in the three months to March according to the first estimate. The GBP/USD pair shrug off the negative figure, but gave up after the release of US data, despite Q1 GDP was also disappointing. The retracement in the pair could be explained by some profit taking ahead of London's close as is the last day of the month, but the retracement is shallow enough to maintain the risk towards the upside. Technically, the 4 hours chart shows that the price continues developing above a bullish 20 SMA, this last at 1.2865, and the support to break to see the pair correcting further lower, whilst technical indicators lack clear directional strength, but hold within positive territory, in line with the dominant trend. A break above the daily high, should lead to an advance up to the 1.3000/10 region, with a weekly close around this last confirming additional gains for the upcoming one.

Support levels: 1.2900 1.2865 1.2830

Resistance levels: 1.2960 1.3010 1.3055

Author

Valeria Bednarik

FXStreet

Valeria Bednarik was born and lives in Buenos Aires, Argentina. Her passion for math and numbers pushed her into studying economics in her younger years.

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