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31 Mar 2015
GBP/USD subdued below 1.48, UK data eyed
FXStreet (Mumbai) - GBP/USD extends its descent for the second straight session in the European morning, mainly driven by a broadly stronger US dollar while the cable is expected to get further direction from UK GDP data.
GBP/USD back below 1.48
The GBP/USD pair trades lower at 1.4783, down -0.16% on the day, falling back on the 1.47 handle. The cable remained pressured following a fresh bout of USD buying ahead of Europe open as the greenback continues to derive support from upbeat US macro data released in the US last session.
Moreover, UK GDP data is likely to remain the key focus for traders which may provide further incentives on the pair. The general consensus ahead of the final estimate of UK GDP in the fourth quarter of 2014 suggests no change to the first two estimates, showing the UK economy grew at the rate of 0.5% on a q/q basis, which would be down from a growth of 0.7% measured in Q3 2014.
Meanwhile, US fundamentals including consumer confidence figures and Chicago PMI will be closely watched for further momentum on the major.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.4813 (Today’s High) above which gains could be extended to 1.4854 levels. On the flip side, support is seen at 1.4770 (Today’s Low) levels below which it could extend losses to 1.4728 (March 15 Low) levels.
GBP/USD back below 1.48
The GBP/USD pair trades lower at 1.4783, down -0.16% on the day, falling back on the 1.47 handle. The cable remained pressured following a fresh bout of USD buying ahead of Europe open as the greenback continues to derive support from upbeat US macro data released in the US last session.
Moreover, UK GDP data is likely to remain the key focus for traders which may provide further incentives on the pair. The general consensus ahead of the final estimate of UK GDP in the fourth quarter of 2014 suggests no change to the first two estimates, showing the UK economy grew at the rate of 0.5% on a q/q basis, which would be down from a growth of 0.7% measured in Q3 2014.
Meanwhile, US fundamentals including consumer confidence figures and Chicago PMI will be closely watched for further momentum on the major.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.4813 (Today’s High) above which gains could be extended to 1.4854 levels. On the flip side, support is seen at 1.4770 (Today’s Low) levels below which it could extend losses to 1.4728 (March 15 Low) levels.