The GBP/USD pair is trading at a fresh daily low after the release of the UK GDP second reading for the first quarter of 2015, showing growth by the time was as first estimated of 0.3%, missing expectations of a revision higher.
The 4 hours chart shows that the price failed to advance above a critical Fibonacci level around 1.5365, the 61.8% retracement of the latest bullish run, whilst the price retreated also below the 200 EMA after the news. In the same chart, the 20 SMA maintains is bearish slope around 1.5400, whilst the technical indicators maintain their bearish slopes in negative territory, all of which supports additional declines, if the price breaks below the weekly low, established at 1.5300. In that case, the pair will likely extend quickly its decline down to 1.5260 a strong midterm static support, while if this last gives up, 1.5220 is the next bearish target.
To the upside, the pair needs to advance above the mentioned Fibonacci level, to advance up to 1.5400, but it will take further gains, beyond 1.5440, the 50% retracement of the same rally, to revert the ongoing bearish trend.
View live chart of the GBP/USD
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