GBP/USD steady above 1.7100 after GDP estimate

By FXstreet.com | July 08, 2014 AAA

FXStreet (Buenos Aires) - The GBP/USD holds steady near its session highs of 1.7125 after the release of the UK NIESR GDP Estimate in line with expectations at 0.9%. Having suffered from an early kneejerk down to 1.7084 early Europe as UK output data disappointed, Pound has proved once again it won’t give up easily to latest macroeconomic data: one swallow does not make a summer, and indeed one bad reading can’t take a good trend down.



Most analyst still agree latest slide from the year high of 1.7179 post last week seems for now corrective, and that further downward pressure is required to confirm at least a decent correction: the 23.6% retracement of the 1.6698/1.7179 rally stands now at 1.7060 offering immediate short term support, followed then by the 38.2% retracement at 1.6996. To the upside, recent intraday highs offer resistance around 1.7145 followed then by the mentioned year high.



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