- Pound sterling has gathered some steam after the UK GDP release, GBP/USD edges higher from day’s low by 1.5527
- UK economy has expanded at an annual pace of 2.6% and 0.7% inter-quarter, vs. previous prints at 2.9% and 0.4%, respectively
- GBP/USD is currently trading at day’s highs by 1.5612, with a low of 1.5527 on the day
- Hourly price action has edged out of cloud, decent support on the downside seen at the cloud top by 1.5579
- Breach below could take the pair to 1.5570 (4h 50 MA) and then to 1.5533 (Trendline support)
- US services PMI and consumer confidence in focus, stability in the major equity markets across the globe may push the Treasury yields higher and bring USD bulls back in the market
Resistance Levels:R1: 1.5671 (Daily High Jul 23)R2: 1.5731 (Session high Jul 1)R3: 1.5744 (Session high June 30)Support Levels:S1: 1.5595 (Daily High Jul 27)S2: 1.5568 (4h Kijun-Sen)S3: 1.5530 (Trendline support)
The material has been provided by InstaForex Company – www.instaforex.com