GBP/USD deflates from tops post-UK GDP

Pablo Piovano FXStreet

The British Pound is easing some ground following the GDP releases today, now dragging GBP/USD to the 1.2920/10 band.

GBP/USD weaker on data

The pair shed some ground after UK’s advanced GDP figures showed the economy is expected to expand at a monthly 0.3% (vs. 0.4% forecasted) and 2.1% on a yearly basis (vs. 2.2% estimated).

Further data saw the Index of Services rising in line with expectations 0.5% on the three months ended in February, while Mortgage Approvals decreased to 41.2K during March.

GBP/USD levels to consider

As of writing the pair is gaining 0.17% at 1.2925 and a breakout of 1.3000 (psychological level) would open the door to 1.3060 (high Sep.29 2016) and then 1.3125 (high Sep.22 2016). On the other hand, the immediate support aligns at 1.2834 (low Apr.27) followed by 1.2803 (low Apr.26) and finally 1.2770 (low Apr.20).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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