GBP/USD wavers after UK GDP

By FXstreet.com | Updated July 30, 2014 AAA

FXStreet (Córdoba) - The GBP/USD wavered and remained little changed after data showed the UK gross domestic product fell slightly short of expectations in the first quarter.



The UK GDP grew 0.8% QoQ, matching market’s forecast but added 3.0% YoY missing the 3.1% rise expected. Meanwhile, the current account deficit contracted to £-18.495B, less than the anticipated £-17.5B.



The GBP/USD moved initially lower and hit a fresh low of 1.7014 before bouncing to the 1.7035 zone. At time of writing, the Cable is trading at the 1.7035 area, just a few pips above its opening price.



GBP/USD technical levels

In terms of technical levels, the GBP/USD could find next resistances at 1.7050 (Jun 27 high), 1.7062 (2014 high Jun 19) and 1.7100 (psychological level). On the other hand, supports are seen at 1.7000 (psychological level), 1.6970 (Jun 26 low) and 1.6951 (Jun 21 low).



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