GBP/USD inched slightly higher on Tuesday as sterling recovered from earlier losses after data showed U.S. economic growth slowed in the fourth quarter and investors awaited President Donald Trump's first speech to a joi…
GBP/USD inched slightly higher on Tuesday as sterling recovered from earlier losses after data showed U.S. economic growth slowed in the fourth quarter and investors awaited President Donald Trump's first speech to a joint session of Congress.
Gross domestic product rose at a 1.9 percent annual rate in the final three months of 2016, the Commerce Department said on Tuesday in its second estimate for the period. That matched the estimate published last month.
The pound fell to as low as $1.2414 in the early US session on worries about the future of Britain as it leaves the European Union but recovered some ground to trade at 1.2425.
Further upside for this pair is expected to be limited as strong resistance level at 1.2570 is set to limit upside and bring decline towards lower levels.
To the upside, immediate resistance can be seen at 1.2483, a break above this level would expose the cable to next resistance level at 1.2570 levels.
To the downside strong support can be seen at 1.2395, a break below at this level will open the door towards next level at 1.2343.
