Forex: GBP/USD climbs post German GDP

FXstreet.com (Barcelona) - Having found support overnight at the 20 MA at 1.5942, GBPUSD ranged into the early European session, before pushing higher following slightly soft but generally in line German GDP data.

The pair opened the Asia session with a low at 1.5935 before drifting higher to where it found resistance at 1.5951 just above the daily pivot point at 1.5946. Spot was content to drift in that region until the start of early European trading which saw German GDP register in line at 0.2% QoQ. Since, Cable has pushed higher to test resistance at a medium-term up trend line dating back to November 13th at 1.5958 where the daily R3 Camarilla resistance level also sits.

The Danske Research team who suggested going long at 1.5850, recommend holding that position with a target of 1.6020 but moving the stop up to 1.5895. On a shorter time frame, the analysts at Forex Ticket are neutral on the pair and see spot ranging between 1.5885 and 1.5980 with extended support and resistance to be found at 1.5835 and 1.6015. Elsewhere, Asian stocks closed mixed whilst European futures are marginally up ahead of the open.