FXStreet (Mumbai) – The bid tone on the GBP strengthened further in anticipation of an upbeat UK first quarter GDP report, thereby pushing the GBP/USD pair to a fresh session high of 1.5384 levels.
Focus on UK GDP
The UK economy is seen expanding 2.5% year-on-year in Q1, compared to the previous figure of 2.4%, while quarter-on-quarter the GDP is seen rising 0.4%, compared to the previous figure of 0.3%.
The expectations of an upbeat data helped the GBP/USD pair recover from the previous session’s low of 1.5330. Part of the recovery was also due to a broad based weakness in the USD triggered by a correction in the USD/JPY pair.
GBP/USD Technical Levels
The immediate resistance is located at 1.5398 (200-DMA), above which the pair could rise to 1.5430. On the flip side, a break below 1.5376 could drive the pair lower to 1.5330.
(Market News Provided by FXstreet)