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Forex: GBP/USD storms above resistance to 1.5400 level after UK GDP

FXstreet.com (Barcelona) - The GBP/USD has jumped substantially after the release of economic data in the United Kingdom. In these moments the cross is now trading at 1.5406/08, notching a rise of +0.93% above its opening Thursday during European trading.

Briefing the technical levels, following the break above the 1.5320 and 1.5345 resistances, the Mataf.net analyst team identifies the next short-term resistances for the GBP/USD at 1.5391. Alternatively, a paring of gains will result in a testing of supports at 1.5249, onto 1.5203, and finally 1.5178.

In the United Kingdom, the Gross Domestic Product (YoY) came in at +0.6% in Q1, against expectations of +0.3%. Furthermore, the Gross Domestic Product (QoQ) yielded a figure of +0.3% in Q1, vs. a projection of +0.1%.

“The GBP/USD moved to the upside as expected benefiting from stability above its linear regression indicators and key support level of the ascending channel. Positivity is still valid for the rest of the day, however the pair has to stable above 1.5270 level to support this outlook.” predicts the ICN.com analysts team.

United Kingdom Gross Domestic Product (YoY) improves to 0.6% in 1Q from 0.2% (4Q)

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The EUR/GBP retested the 0.8508 early low just ahead of the London opening. Expectations of whether the UK avoided the “triple-dip” recession tag or not were able to fully retrace daily losses back to 0.8520 and to continue the upside to 0.8533 high. The publication of higher than expected UK GDP Q1 data triggered a plunge to 0.8463 low.
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