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GBP/USD up on positive UK GDP - FXStreet

FXStreet (Łódź) - FXStreet Chief Analyst Valeria Bednarik observes that GBP/USD surged in the European morning following the release of positive Q3 UK GDP data.

Key quotes

"Both quarterly and yearly readings came in line with expected, but the previous of the first was revised up to 0.9%."

"Details show that output was pretty balanced, as services grew 0.7%, industrial sector 0.5% and construction 0.8%, meaning the growth in economy and the positive GDP reading was even, and not the result of a surprise in a particular sector."

"Technically, the 4 hours chart shows price reached 1.6071, 38.2% retracement of the pair’s latest bullish run, where the chart also shows a bearish 20 SMA reinforcing the resistance level."

"Indicators in the same time frame head higher below their midlines, not providing enough upward momentum to confirm a run higher: price needs to extend above mentioned resistance to be able to gain further, pointing to 1.6125, strong static resistance level."

"Below 1.6030, 50% retracement of the same rally on the other hand, should see price again falling, with 1.5995 as next probable bearish target in the short term."

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