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GBP/USD jumps to highs post-GDP, 1.44 closer

11:00 31 March /2016 Forex

A bout of buying interest has boosted GBP/USD to fresh daily highs near the 1.4400 handle following the UK™s GDP figures.

GBP/USD bid after data

The pair has seen its upside renewed after UK™s GDP figures have surprised markets to the upside today, showing that the economy has expanded at an annual pace of 2.1% (vs. 1.9% exp.) and 0.6% inter-quarter (vs. 0.5% exp.) during October-December 2015.

Further data saw UK™s Current Account deficit at £32.7 billion during the same period, more than the initially forecasted at £21.1 billion and at record highs.

Spot has thus managed to regain the 1.4400 neighbourhood in the wake of the releases, bouncing off daily lows near 1.4330.

GBP/USD levels to consider

As of writing the pair is up 0.10% at 1.4392 and a break above 1.4517 (high Mar.18) would target 1.4574 (200-day sma) en route to 1.4670 (2016 high Feb.4). On the flip side, the next support lines up at 1.4277 (55-day sma) followed by 1.4254 (61.8% Fibo of 1.3833-1.4517) and finally 1.4051 (low Mar.18).

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