GBP/USD keeps the range after US data

By FXstreet.com | Updated August 28, 2014 AAA

FXStreet (Córdoba) - The GBP/USD edged slightly lower but remained within its daily range following a series of upbeat US data.



The US annualized GDP rose 4.2% in Q2 above the 3.9% of consensus and the 4.0% anticipated reading. Meanwhile, initial jobless claims edged a tad lower to 298K vs 300K expected in the week ended Aug 24.



However, USD reaction was tame as data was too close to consensus. The GBP/USD moved slightly lower but held above its European session low of 1.6566. At time of writing, the Cable is trading at 1.6575, effectively unchanged on the day, having pulled back from a high of 1.6612.



GBP/USD supports & resistances



As for technical levels, the GBP/USD could find immediate supports at 1.6535 (Aug 27 low), 1.6509 (Mar 26 low) and 1.6500 (psychological level). On the flip side, resistances are seen at 1.6612 (Aug 28 high), 1.6670 (Aug 20 high) and 1.6685 (200-day SMA).



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