FXStreet (Mumbai) – The GBP/USD pair is attempting a recovery ahead of the UK GDP release after suffering losses for the seven straight sessions.
Eyes UK GDP
The GDP release is likely to leave the third quarter growth rate unchanged at 2.3% y/y and 0.5% q/q. Meanwhile, the current account deficit is seen widening to GBP 21.50 billion.
The cable has been on a losing trend on the back of a rate hike in the US and increased possibility of BOE avoiding its own liftoff in 2016. The markets based measures say the BOE would raise rates only in February 2015.
GBP/USD Technical Levels
At 1.4850, the immediate resistance is seen at 1.4888 (76.4% of Apr-Jun rally), above which the pair could target 1.4957 (Dec 8 low). On the other hand, a support is seen at 1.4805 (previous day’s low) and 1.4739 (Apr 1 low).
(Market News Provided by FXstreet)