FXStreet (Mumbai) – The GBP/USD was bid higher to 1.5305-1.5310 levels from the low of 1.5282 levels, as the rise in the EUR/USD triggered dollar sales against major currencies.
US dollar ditched ahead of US GDP report
The American dollar is being sold ahead of the Q1 GDP report, which is expected to be revised lower to -0.9% from 0.2%. The latest sell-off in the USD was triggered by a rise in the EUR/USD pair to a high of 1.0970 levels. Consequently, the cable also recovered part of its losses to trade at 1.5310 levels. Earlier today, the pair ran into offers at a session high of 1.5340.
The weaker-than-expected Q1 UK GDP report released in the previous session continues to weigh over Sterling, making it an underperforming currency at the moment.
GBP/USD Technical Levels
The immediate resistance is seen at 1.5336, above which gains could be extended to 1.5393 (200-MA). On the flip side, a break below 1.53 could see the pair re-test 1.5260 levels.
(Market News Provided by FXstreet)