GBPUSD VOLATILE AHEAD OF GDP REPORT
The British pound continues to trade towards the lower bounds of its recent trading range against the U.S dollar, ahead of Friday’s key UK Q1 GDP report. The GBPUSD pair currently trades around the 1.3930 level, after earlier moving to a fresh weekly price-low, at 1.3894. Sterling traders are likely to react to the U.S Durable Goods Orders data release, and pay close attention to the ECB meeting later today.
The GBPUSD pair holds a medium-term bearish bias while trading below the 1.3992 level, key support is found at the 1.3917 and 1.3880 regions.
If the GBPUSD pair trades back above the 1.3992 level, buyers may be encouraged to test towards the 1.4046 and 1.4100 resistance areas.