GBP/USD tests 1.2270 post-GDP

Pablo Piovano FXStreet

Fresh buying pressure around the British Pound has boosted GBP/USD to fresh highs in the vicinity of 1.2270 on Thursday.

GBP/USD stronger on upbeat GDP

Spot clinches fresh daily highs after UK’s GDP figures showed the economy is expected to expand more than initially estimated during the third quarter, 0.5% QoQ and 2.3% on a yearly basis vs. 0.3% and 2.1% forecasted, respectively.

The pair has quickly advanced to multi-day tops around 1.2270 in the wake of the releases, although it returned to the negative territory soon afterwards.

Additionally, Chancellor P.Hammond said the economy is showing signs of resilience while he emphasized the country will enter renegotiations with the EU on a strong position.

GBP/USD levels to consider

As of writing the pair is losing 0.02% at 1.2243 facing the immediate support at 1.2086 (low Oct.11) followed by 1.1450 (low post-‘flash crash’ Oct.7). On the other hand, a break above 1.2327 (high Oct.18) would expose 1.2377 (high Oct.11) and finally 1.2382 (20-day sma).

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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