Forex: GBP/USD trading at 1.6027/28 after UK data

FXstreet.com (Barcelona) - After briefly touching a session high of 1.6054 earlier today, the GBPUSD has surrendered its gains, retreating nearly 30 pips to trade near its opening levels Tuesday. With the recent release of a pantheon of economic indicators across the United Kingdom, the pair has now settled at 1.6027/28, presently unchanged.

In the United Kingdom, Gross Domestic Product (QoQ) grew +1.0% in Q3, measured against a consensus estimate of +1.0%. Meanwhile, Gross Domestic Product (YoY) came in at -0.1% in Q3, relative to estimates of 0.0%. Finally, Total Business Investment (YoY) has climbed 4.5% in Q3, compared to a figure of +3.1% in the previous quarter.

According to the Slobodan Drvenica, an analyst at Windsor Brokers Ltd., "The GBPUSD maintains a positive tone, after corrective easing found a footstep at 1.6000 zone and 55-day EMA. A clear break above the 1.6050 mark is required to resume the rally from 1.5920 higher base for possible test of 1.6100 (Fib 76.4% of 1.6174/1.5826/daily Ichimoku cloud top)."

From a technical perspective, Drvenica highlights resistive structures for the GBPUSD will initiate at 1.6050, 1.6060, and finally 1.6092. Conversely, initial support lies at 1.6019, 1.6000 (key support), onto 1.5977.