The GBP/USD pair retreats from a daily high of 1.5116 reached before the announcement of UK GDP readings. The data missed expectations as during the last quarter of 2014, the economy grew just 0.5%, leaving the annual rate at 2.7%. Later on the day, the US will release several fundamental readings, including new home sales, consumer confidence, and Markit PMIs. With the FED having its first year meeting tomorrow, the data will be seen as a barometer of the economy and the possibility of a soon to came rate hike, and should imprint some volatile moves across the board.
Nevertheless, the pair found buyers around former highs in the 1.5050 price zone, and holds around its daily opening. The 4 hours chart shows indicators maintain a strong upward momentum in positive territory, while 20 SMA presents a bearish slope below current price. To continue advancing, the pair needs to extend above 1.5120 static resistance level, eyeing then an approach to 1.5160 price zone in the short term. A break below 1.5050 on the other hand should favor the downside towards the key 1.5000 figure.
View Live Chart for GBP/USD
Nevertheless, the pair found buyers around former highs in the 1.5050 price zone, and holds around its daily opening. The 4 hours chart shows indicators maintain a strong upward momentum in positive territory, while 20 SMA presents a bearish slope below current price. To continue advancing, the pair needs to extend above 1.5120 static resistance level, eyeing then an approach to 1.5160 price zone in the short term. A break below 1.5050 on the other hand should favor the downside towards the key 1.5000 figure.
View Live Chart for GBP/USD
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