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GBP/USD hovers above 1.6300

FXStreet (Córdoba) - GBP/USD recovered from daily lows during the European session but remained well within its recent range, unable to break free, as investors await the third estimate of US Q2 GDP.

GBP/USD briefly dipped below the 1.6300 level and hit a low of 1.6285 before rebounding toward the upper-side of today’s range. However, Cable was capped by the 1.6330 and confined to extend its consolidation stage. Investors are now awaiting US GDP revision, with consensus at 4.6%.

From a broader perspective, GBP/USD has recovered nearly 300 pips lost earlier this month amid jitters over the Scottish referendum, as a rate hike early next year is being priced in.

GBP/USD technical outlook

“The bias here is bearish after the failure at 1.6410 resistance and I expect a break through 1.6280 to unleash a slide towards 1.6160, en route to 1.6050”, said Stoyan Mihaylov, analyst at Deltastock. “Initial intraday resistance lies at 1.6350”.

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