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Trader, analyst and instructor with a 6-year experience

GBP/USD: waiting for GDP

Yesterday GBP/USD touched $1.2995, but rebounded to $1.5340 on Thursday. A bunch of support levels is seen in the $1.5300 area: 100-day SMA, top of the bullish Ichimoku, 61.8% Fibo retracement from the May-June rally.

A decline below $1.5290 would open the way to the $1.5200/5185 area (78.6% Fibo, mid-April support). Break below this support would clear the way to $1.5000. We will review all rebounds as corrective as long as the pair holds below $1.5600.

Today on the UK agenda we have a release of final UK GDP (forecast: unchanged at +0.3% q/q) and current account (forecast: mild contraction of deficit) at 08:30 GMT. US will release unemployment claims and pending home sales later in the day. FOMC members Powell and Dudley are scheduled to hold speeches.

Chart. H4 GBP/USD  

 

GBP
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