Forex: GBP/USD shoots up and down, at 1.5830
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GBP/USD
FXstreet.com (Barcelona) - Within little more than one hour, the GBPUSD printed a daily high at 1.5856 as the US Q2 GDP got released and printed a daily low at 1.5807 as the greenback strengthened to correct some of the moves seen this week. The pair is now trading at 1.5830 area after a quick bounce.
The annualized GDP in Q2 is softer at 1.7%, from 2.0% in Q1. The positive news is that this second reading shows the Q2 figure bouncing from 1.5% of the first reading in July. US pending home sales have risen by 2.4% in July, above market consensus of 1.0%. In May, data had dropped by -1.4%.
"Yesterday's rebound above 1.5753 is the beginning of a new wave upwards, heading for a break through 1.5912, en route to 1.60+ sentiment area", wrote Deltastock.com analyst Stoyan Mihaylov, expecting minor consolidation below 1.5836 and limited above 1.5799 intraday support.
The annualized GDP in Q2 is softer at 1.7%, from 2.0% in Q1. The positive news is that this second reading shows the Q2 figure bouncing from 1.5% of the first reading in July. US pending home sales have risen by 2.4% in July, above market consensus of 1.0%. In May, data had dropped by -1.4%.
"Yesterday's rebound above 1.5753 is the beginning of a new wave upwards, heading for a break through 1.5912, en route to 1.60+ sentiment area", wrote Deltastock.com analyst Stoyan Mihaylov, expecting minor consolidation below 1.5836 and limited above 1.5799 intraday support.
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