GBP/USD re-takes 1.3100 ahead of US Q2 GDP

Dhwani Mehta FXStreet

The GBP/USD pair makes another attempt to take-out 1.3090 resistance, as the bulls seem to have gathered pace for a break above 1.31 handle,

GBP/USD clings to 1.3070 support

The GBP/USD pair manages to keep the bid tone intact, although wavers in a 20-pips narrow range amid a lack of fresh fundamental drivers and increased nervousness ahead of the US Q2 GDP release.

Further, it remains to be seen if the spot can sustain the renewed uptick amid widespread risk-aversion, fuelled by tumbling European equities and subdued oil prices. The spot could also struggle to extend higher, as the US dollar selling stalled across the board on the back of a recovery in Treasury yields.

Markets now look forward to the US Q2 GDP report, revised consumer sentiment and FOMC member Kashkari’s speech for fresh trading impetus on the prices.

GBP/USD levels to consider

“Thursday's large bearish daily candle with long upper shadow weighs on near-term action, with increased downside risk seen while the price remains below 1.3100 barrier. The pair is waiting for US GDP data for fresh signals. Strong than expected Q2 reading (according to 2.6% forecast vs Q1 1.4%) could send pound into fresh bearish acceleration below 1.3000/1.2983 pivots. Res: 1.3100; 1.3125; 1.3157; 1.3200 Sup: 1.3060; 1.3045; 1.3000; 1.2983," Slobodan Drvenica at Windsor Brokers Ltd explains.

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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