23 Dec 2014
GBP/USD recovers from below 1.5500
FXStreet (Córdoba) - GBP/USD managed to trim some of its recent losses and climbed back above 1.5500 after scoring a fresh multi-month low weighed by contrasting GDP readings in the UK and the US.
While UK GDP grew less than expected by 2.6% in Q3, US reported an outstanding growth of 5.0%, its fastest annualized pace since Q3 2003, pushing GBP/USD to fresh cycle lows. GBP/USD bottomed out at 1.5485, its lowest since August 30 2013, but recovered some ground afterward, reaching the 1.5520 zone before the bounce was capped.
GBP/USD levels to watch
At time of writing, GBP/USD is trading at 1.5520, recording a 0.43% loss, with immediate support at 1.5485 (2014 low Dec 23) and 1.5462 (Aug 30 2013 low). On the flip side, resistances are seen at 1.5607 (daily high) and 1.5665 (21-day SMA).
While UK GDP grew less than expected by 2.6% in Q3, US reported an outstanding growth of 5.0%, its fastest annualized pace since Q3 2003, pushing GBP/USD to fresh cycle lows. GBP/USD bottomed out at 1.5485, its lowest since August 30 2013, but recovered some ground afterward, reaching the 1.5520 zone before the bounce was capped.
GBP/USD levels to watch
At time of writing, GBP/USD is trading at 1.5520, recording a 0.43% loss, with immediate support at 1.5485 (2014 low Dec 23) and 1.5462 (Aug 30 2013 low). On the flip side, resistances are seen at 1.5607 (daily high) and 1.5665 (21-day SMA).