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GBP/USD is still hopeful before UK GDP

FXStreet (Moscow) - GBP/USD opened the day at 1.6028, and slowly climbed up ever since, reaching 1.6045 intraday high, before retreating to current 1.6032.

The pair has been hit this week by stronger USD, and weaker MPC minutes, and Retail Sales report. Now, the last, but not the least test of the week has come – Q3 GDP data. It may prove the slowing growth on the British economy, and support the view the UK peaked in the second quarter, and will keep weakening in the quarters ahead. If numbers come out below expectations, it may push the pair further down with initial target at 1.5995 support.

What are today’s key GBP/USD levels?

Today's central pivot point can be found at 1.6028, with support below at 1.5995, followed by 1.5960 and 1.5927 with resistance above at 1.6063, followed by 1.6096 and 1.6131. Hourly Moving Averages are mixed, with the 200SMA bearish at 1.6050, and the daily 20EMA flat at 1.6123. Hourly RSI is bullish at 53.

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