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Forex pairs in this Article » GBP/USD (London) - GBP/USD had been offered since reaching over night highs 1.5442

GBP/USD has moved sharply higher after Personal Consumption Expenditures and The Real (Core) Personal Consumption Expenditure came in line, while the key data in focus, The Gross Domestic Product annualised, came in worse at 1.8% against 2.4% expected

GBP/USD rallies capped at 1.5510/50

Karen Jones, analyst at Commerzbank said the downside should be maintained. She expects this to remain tepid and for near term rallies to remain capped 1.5510/1.5550 for an immediate downside bias to be maintained. She feels below 1.5345 will target the support line at 1.5073 and the base of the daily cloud at 1.5218 may offer support en route. She see’s key resistance remains the 1.5736/88 band – the recent high, the 61.8% retracement of this years move, the 200 week moving average.
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