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GBP/USD drops below 1.52 ahead of US GDP report

FXStreet (Mumbai) - The buying interest in the GBP/USD pair continues to drop, pushing the pair to its fresh session low of 1.5183 ahead of the US GDP report.

Yellen on team 2015?

The bid tone on the USD improved after the Fed chief Yellen reiterated the possibility of a rate hike in 2015. Furthermore, the rally in the stock markets also strengthened the greenback. The investors now await the US Q2 GDP report, which is expected to keep the number unchanged at 3.7%.

Meanwhile, profit taking on the GBP shorts ahead of the weekend could also come into play if the US GDP report turns out to be a non event for the markets.

GBP/USD Technical Levels

The immediate support is seen at 1.5163 (Sep 4 low), under which the losses could be extended to 1.51 levels. On the other side, resistance is located at 1.52 and 1.5248 (50% of Apr-June rally).

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