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GBP/USD falls to 1.5950 and bounces up daily highs

FXStreet (San Francisco) - The initial reaction from the good report of US Q3 GDP was a positive dollar that dragged the GBP/USD to a minimum of two weeks at 1.5950. However, the pair bounced off this level and is now trading near daily highs at 1.6010.

US GDP rose 3.5% in Q3; above 3.0% expected. the last 4 quarters were + 4.5%, + 3.5%, -2.1% and + 4.6%. But the fine print shows a not so good result as consumption dropped to 1.8% from 2.5%, while core PCE dropped to 1.4% from 2.0%. The statement acknowledges too much public spending.

Currently, the GBP/USD is trading at 1.6002, down 0.06% on the day, having posted a daily maximum and minimum 1.6020 1.5951.

Levels of GBP/USD

If the pair extends rebound above 1.6000 will find the next resistance at 1.6010 and 1.6020. On the downside, supports are at 1.5950, 1.5900 and 1.5875.

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