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Forex pairs in this Article » GBP/USD
FXstreet.com (Edinburgh) -After bottoming out in the boundaries of the key support at 1.5200, the GBP/USD managed to gather traction and recover to the area of 1.5215/20 so far.

GBP/USD focus on US GDP, FOMC

The pair looks set to be under pressure as the ADP report (182K exp.), Annualized GDP (1.2% exp.) and the FOMC meeting are all due in the US economy ahead in the day, putting to the test the recent USD recovery. The BoE MPC meeting is due tomorrow, and although market consensus expects no change in either the refi rate or the Gilts purchases, attention will be on whether Carney mentions the adoption of forward guidance for the UK economy. “Overall, we tend to think that GBP gains are limited due to the huge amount of policy uncertainty related to the August Inflation Report. We think any GBP rallies on the back of Thursday’s BOE meeting may be faded”, suggested Kathleen Brooks, Research Director UK EMEA at Forex.com.

GBP/USD key levels

As of writing, the pair is down 0.16% at 1.5214 with the next support at 1.5200 (low Jul.31) followed by 1.5198 (38.2% of 1.5435-1.4814) and finally 1.5158 (low Jul.18). On the upside, a break above 1.5243 (high Jul.31) would target 1.5258 (low Jul.22) en route to 1.5300 (psychological level).
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