GBP/USD off lows, steady after UK GDP

By FXstreet.com | Updated August 06, 2014 AAA

FXStreet (Córdoba) - The GBP/USD managed to recover from daily lows at the beginning of the New York session as the greenback receded across the board and stocks recover from lows in US and Europe.



However, the GBP/USD failed to find inspiration from the release of the NIESR UK GDP estimation, which showed British economy grew 0.6% in the 3 months to July versus 0.9% the previous month, and didn’t help to offset the negative tone set by disappointing UK IP data earlier on the day.



At time of writing, the GBP/USD is trading at the 1.6840 zone, recording a 0.26% loss on the day.



GBP/USD levels to watch



As for technical levels immediate supports are seen at 1.6803 (Aug 1 low), 1.6785 (Jun 12 low) and 1.6737 (Jun 11 low). On the other hand, resistances could be found at 1.6887 (Aug 5 high), 1.6900 (psychological level) and 1.6925 (Jul 31 high).



You May Also Like

COMPANIES IN THIS ARTICLE
Related Forex Analysis
  1. Forex News

    Double Top reversal in GBP/USD hourly chart – FXStreet

  2. Forex News

    GBP/USD bullish above 1.5265 – Varengold

  3. Forex News

    GBP/USD consolidates above 20-DMA, awaits fresh incentives

  4. Forex News

    GBP/USD Technical Analysis: Digestion Below 1.53 Continues

  5. Forex News

    GBP: Fed volatility within 50 pip range, scores ground on 1.52 handle

Trading Center