FXStreet (Mumbai) – The cable is seen trading in a flat-lining almost through the Asian session, with GBP/USD hovering above the daily pivot & 200-DMA placed near 1.5345.
UK prelim GDP in focus
The GBP/USD pair trades flat at 1.5355, wavering in a 15 pips narrow range. The major trades cautious ahead of the crucial UK prelim GDP which is expected to show a marginal slowdown in the GDP growth.
The UK is expected to publish its advance GDP estimate for the third quarter. Markets expect 0.5-0.6% growth in Q3 q/q after 0.7% in Q2, while on yearly basis GDP growth is expected to show a 2.4% expansion.
Moreover, the GBP/USD pair remains under pressure on the back of diminishing bids for riskier assets amid persisting risk-off sentiment ahead of the Fed decision due to be published tomorrow.
Meanwhile, focus now remains on the UK GDP figures ahead of a batch of US macro data, which may have major impact on the pair.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5392/1.5400 (10-DMA + round number) above which gains could be extended to 1.5452 (100-DMA). On the flip side, support is seen at 1.5302/01 (Oct 23 & 26 Lows) below which it could extend losses to 1.5263/50 (daily S2 + psychological levels).
(Market News Provided by FXstreet)