FXStreet (Mumbai) – The British pound remains elevated versus the US dollar in the European morning, with GBP/USD testing session highs, as sterling remains supported in anticipation of an upward revision to the UK Q1 GDP. While a broadly lower US dollar also keeps the major underpinned.
GBP/USD supported above 1.5340
The GBP/USD pair modestly higher by 0.12% at 1.5376, having posted fresh session highs at 1.5482 some time ago. The cable edged higher this session as traders favoured the GBP ahead of UK GDP data release which is expected to show an upward revision to the Q1 numbers to 0.4%.
Also, it is expected that to show a significant increase in business investment of 1.6%, from the disappointing decline seen in Q4 of 0.9%. However, due to rising GBP/USD in recent times, exports will remain a key concern area.
Later in the day, markets will focus on the US macro release which provides fresh impetus to the prevailing broad US dollar weakness.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5400 above which gains could be extended to 1.5439 (May 27 High) levels. On the flip side, support is seen at 1.5339 (Today’s Low) below which it could extend losses to 1.5325 (April 29 Low) levels.
(Market News Provided by FXstreet)