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Forex pairs in this Article » GBP/USD
FXstreet.com (New York) - The GBP/USD foreign exchange rate oscillated on the back end of US data, which has thrown the pair into a volatile state Thursday during US trading.

In the United States, Gross Domestic Product Annualized (Q2) was reported at +2.5%, compared with a figure of +1.7% previously. In addition, Initial Jobless Claims came in at 331K, missing a consensus of 329K. Finally, Personal Consumption Expenditure Prices (QoQ) was unchanged in Q2, relative to +1.1% previously.

GBP/USD strategic bias

According to the Technical Analyst Team at ICN.com, “The GBP/USD is still trading below 78.6% correction at 1.5550, as stability below it keeps the possibility of extending bearishness targeting 1.5390 levels represented in 61.8% correction. RSI is moving to the downside in an attempt to break line 50 to support our expectations. However, the pair has to stabilize below 1.5550 so it won’t respond to the positive divergence signals the stochastic is showing.”

GBP/USD technical levels

The GBP/USD is still entrenched in negative territory, to the tune of a -0.16% loss off its opening. At this juncture, the pair is testing the 1.5500 barrier. In terms of the technical levels, the GBP/USD remains fortified by supports at 1.5499, ahead of 1.5448, and 1.5375, notes the Mataf.net analyst team.
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