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FxWirePro: GBP/USD cedes early gains, outlook bearish

• GBP/USD initially gained but gave up some ground  as investors digested  latest UK GDP  and US inflation data.

• Britain's economy grew more quickly than ​previously thought in the second quarter, with output expanding by 0.5% in the ​April-to-June period, the Office for National Statistics said.

•The data showed unexpected resilience in the face of geopolitical upheaval and a global bond market crisis.

 • The Personal Consumption Expenditures Price Index rose 0.3% last month after a downwardly revised 0.1% gain in July, the Commerce Department's Bureau of ⁠Economic Analysis said.

• Separate data showed ,US GDP increased at a 2.2% annualized rate in Q2, up from the previously estimated 1.5% pace, according to the Commerce Department’s third estimate..

•   Immediate resistance is located at 1.3321(38.2%fib), any close above will push the pair towards 1.3397(SMA 20)

•  Strong support is seen at 1.3228(Daily low) and break below could take the pair towards 1.3157(23.6%fib).

  Recommendation: Good to sell  around 1.3270, with stop loss of 1.3380,  and target price of 1.3200

 

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