GBP/USD treading water after disheartening drop Thursday

FXstreet.com (Barcelona) - GBP/USD is consolidating Friday after the nasty decline and subsequent bounce that took place Thursday. British GDP and other minor data will be the traders’ focus early on Friday.

British and US data to steer things Friday

The British GDP, the Index of Services and Total Business Investment all are due out at 8:30 GMT. Later in the morning, US New Home Sales data will be released. Any of these data points may move the GBP/USD if there is anything too far from the consensus reported.

Technical outlook for GBP/USD

Technicians are now feeling more confident that GBP/USD has already topped and is now headed down towards the ultimate target of 1.4551. Shorter-term support comes into play at the 1.5422 (the 8/14 pivot low) level. Key resistance for GBP/USD comes in at the Fibonacci projection at 1.5783.