30 Oct 2014
GBP/USD down to 1.5950 amid upbeat US GDP
FXStreet (San Francisco) - The Dollar is advancing across the board amid a better than expected US GDP in the Q3. So the GBP/USD fell to test 1.5950 area just after the report. However the pair managed to bounce and it returned to pre-data levels.
US GDP rises 3.5% in the Q3; above 3.0% expected. Previous last 4 quarters: +4.5%, +3.5%, -2.1%, & + 4.6%. Consumption down to 1.8% from 2.5%, while core PCE down to 1.4% from 2.0%. The statement acknowledges too much government spending.
Currently, GBP/USD is trading at 1.5980, down -0.19% on the day, having posted a daily high at 1.6020 and low at 1.5951. GBP/USD spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index also is neutral.
GBP/USD levels
If the pair extends bounce above 1.6000, it will find next resistances at 1.6010 and 1.6020. To the downside, supports are at 1.5950, 1.5900 and 1.5875.
US GDP rises 3.5% in the Q3; above 3.0% expected. Previous last 4 quarters: +4.5%, +3.5%, -2.1%, & + 4.6%. Consumption down to 1.8% from 2.5%, while core PCE down to 1.4% from 2.0%. The statement acknowledges too much government spending.
Currently, GBP/USD is trading at 1.5980, down -0.19% on the day, having posted a daily high at 1.6020 and low at 1.5951. GBP/USD spot is in neutral territory according to the hourly FXStreet OB/OS Index, while the FXStreet Trend Index also is neutral.
GBP/USD levels
If the pair extends bounce above 1.6000, it will find next resistances at 1.6010 and 1.6020. To the downside, supports are at 1.5950, 1.5900 and 1.5875.