FXStreet (Mumbai) – The bid tone on the GBP strengthened, taking the GBP/USD pair higher to 1.5366 levels ahead of the first quarter UK GDP which is expected to be revised higher.
GBP/USD: Supported at 1.5330
The pair recovered from the low of 1.5330 seen in the late North American session yesterday. The USD buyers appear to stay on the sidelines ahead of the UK first quarter GDP, which could be revised higher to 2.5% from 2.4% year-on-year and to 0.4% from 0.3% quarter-on-quarter. Consequently, the pair is witnessing a correction in anticipation of an upbeat UK GDP data.
Ahead in the day, the pair could also be influenced by the weekly jobless claims data and Pending home sales data in the US.
GBP/USD Technical Levels
The immediate resistance is seen at 1.5376, above which gains could be extended to 1.5400. On the flip side, a break below 1.5330 could see the pair fall to 1.5300 levels.
(Market News Provided by FXstreet)