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GBP/USD recovers to 1.4370 ahead of UK GDP
10:47 31 March /2016 Forex
The GBP/USD pair keeps losses and continues its gradual recovery mode on 1.43 handle as we head into the UKs final GDP report.
GBP/USD bounces-off 1.4330
The GBP/USD pair trades -0.05% lower at fresh session highs of 1.4371, having found solid support near 1.4330 region. The cables recovery gained traction over the last as markets digest BOE Governor Carneys comments, while attention shifts to the UK final GDP figures due out shortly.
The third and final estimate of GDP is expected to confirm steady growth of 0.5% in Q4 2015. The annualized growth rate is seen unchanged at 1.9%.
However, heavy sell-off seen in the oil as well as in the European stock markets continues to keep the risk currency GBP under pressure.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.4400 (round number), above which 1.4459 (Mar 30 High) would be tested. On the flip side, support is seen at 1.4334 (daily S1) below that at 1.4300/1.4294 (50-DMA).
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