GBPUSD TRADES ABOVE KEY RESISTANCE AFTER UK GDP
Following the release of second quarter United Kingdom GDP, the GBPUSD pair has found a renewed bid-tone, and moved towards the 1.3060 level, as the GDP report came in-line with estimates, at +0.3% growth.
Sterling had traded cautiously before the actual GDP release, briefly trading below the psychological 1.3000 level, fearing a stronger than expected economic slowdown in the second fiscal quarter.
The GBPUSD pair is currently bullish on all time frames, ahead of the Federal Reserve interest rate decision and policy statement later today.
Key technical support is found at the weekly pivot point, at 1.3041, and the daily pivot point at 1.3018.
Below the 1.3000 level, the 1.2990 to 1.2972 region remains key to containing downside pressures. A higher time frame close below the 1.2972 level, should accelerate GBPUSD losses towards 1.2933 and 1.2881.
To the upside, the currently weekly price high is near bye resistance at 1.3087. The 1.3122 level remains key intraday GBPUSD resistance, with an extended bullish breakout towards 1.3210 and 1.3300 likely once price closes above 1.3122.