FxWirePro: GBP/USD rises above 1.3400 level after UK GDP data

• GBP/USD rose above1.3400 level    on Thursday   after the data showed that the UK economy grew by in August.

• Britain's economy returned to growth in August official data showed on Thursday.

• The UK economy expanded 0.1% in August, giving Finance Minister Rachel Reeves a lift ahead of her upcoming budget.

• Economists polled by before Thursday's data release had forecast that GDP would expand by 0.1% in August.

•In the three months to August, growth picked up slightly to 0.3% from 0.2% in the three months to July, boosted by public health service work while consumer-facing services shrank,the ONS said.

•   Immediate resistance is located at 1.3570(38.2%fib), any close above will push the pair towards 1.3612(Higher BB)

•  Strong support is seen at 1.3403(50%fib) and break below could take the pair towards 1.3301(Lower BB).

  Recommendation: Good to buy around 1.3410 , with stop loss of 1.3340 and target price of 1.3500