Currency Analyst since 2010

GBP/USD: waiting for GDP

As expected, GBP/USD found support at $1.5575. The market players are waiting for the confirmation that UK GDP gained 0.6% in Q2. The data is due at 08:30 GMT and will be accompanied by BBA mortgage approvals and business investment which are expected to improve. In the US watch new home sales release at 14:00 GMT.

Note, however, that sterling breached the wedge, so the bears may continue pulling down. Important support lies at $1.5515/00 (200-day MA, 23.6% Fibo) ahead of $1.5430/20 and $1.5370. Resistance is at $1.5640, $1.5700, $1.5750 (200-week MA).  

Chart. H4 GBP/USD

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