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Forex: GBP/USD orbiting around 1.5265/70

FXstreet.com (Barcelona) - The pound is prolonging its bounce off 1.5250 during the European afternoon, recovering ground to the current area of 1.5265/70.

The spectre of a triple-dip recession in the UK continues to hover over the markets, as the preliminary figures of the GDP during the first quarter are due tomorrow. According to market forecasts, the economic activity is expected to expand 0.1% inter-quarter, leaving behind the previous 0.3% contraction. On a yearly basis, the GDP is expected to grow 0.3% vs. 0.2% in the previous print.

As of writing, the cross is up 0.18% at 1.5267 with the next resistance at 1.5291 (MA10d) followed by 1.5370 (high Apr.17) and then 1.5386 (high Apr.15).
On the flip side, a breakdown of 1.5227 (hourly low Apr.24) would expose 1.5200 (March low) and then 1.5190 (38.2% of 1.4832-1.5412).

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