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GBP/USD turns negative near 1.5140 ahead of UK GDP

FXStreet (Mumbai) - The GBP bears fought back control in the European morning, now pushing GBP/USD pair closer towards multi-month lows, as traders refrain from creating fresh positions ahead of crucial UK Q2 GDP figures.

UK data in focus

The GBP/USD pair trades -0.06% lower at 1.5141, swiftly retracing from fresh daily lows stuck at 1.5132 in last minutes. The cable halted a minor correction seen in Asia and resumed its bearish momentum as traders remain cautious and await confirmation from the UK Q2 GDP data, which is expected to match prelim estimate at 0.7%.

Moreover, the major remains pressured as the US dollar climbed higher against its major peers on ripening risk-sentiment, bolstered by rallying European stocks. The USD index, the virtual gauge of greenback’s relative strength, now trades 0.15% higher at 96.20.

Meanwhile, the upcoming UK datasets including the UK GDP report and current account figures will influence GBP/USD in the session ahead.

GBP/USD Levels to consider

The pair has an immediate resistance at 1.5208 (Sept 29 High) above which gains could be extended to 1.5243 (Sept 28 High) levels. On the flip side, support is seen at 1.5126 (Sept 29 Low) below which it could extend losses to 1.5100 levels.

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