FxWirePro:GBP/USD maintains bullish bias with focus on 1.4800 levels
The GBP/USD pair retreated back few pips after soft UK GDP data weighted on British pound during early European afternoon. Despite soft macroeconomic readings from UK, short term picture for pair is still bullish as Brit…
The GBP/USD pair retreated back few pips after soft UK GDP data weighted on British pound during early European afternoon.
Despite soft macroeconomic readings from UK, short term picture for pair is still bullish as British pound is stronger across the board against US dollar.
The Office for National Statistics said the economy grew 0.4 percent in the January-March period. Business investment fell by 0.4 percent year-on-year in the first quarter after rising 3.0 percent in the fourth quarter of last year.
Currently the cable is trading round 1.4701 levels, it is set to advance further towards 1.4750 later towards 1.4800 levels in the short term.
To the upside, the strong resistance can be seen at 1.4770, a break above this level would expose to cable to next resistance level at 1.4824.
To the downside immediate support can be seen at 1.4675, a break below at this level will open the door towards 1.4618.
