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Forex: GBP/USD still eyeing the 1.5500 mark

FXstreet.com (Barcelona) - The GBP/USD almost reached 1.5500 on the release of US GDP Q1 and was able to consolidate its gains above 1.5470. Slowly, the market has been pushing towards the upside as investors attempt to kiss the psychological level today.

Annualized GDP Q1 had a big improvement from Q4, from 0.4% to 2.5% growth, but came in lower than market consensus of 3.0%. GDP price also failed to meet expectations: up from 1.0% to 1.2%, below 1.4% consensus. The US economic calendar also presented flash Personal Consumption Expenditures, which rising pace eased from 1.6% to 0.9% (consensus of 1.1%) in Q1 (QoQ), and its Core data, that rose from 1.0% to 1.2% as expected. Consumer spending and imports rose 3.2% and 5.4%, respectively. US Reuters/Michigan consumer sentiment is due shortly and is expected to rise from 72.3 to 73.2 in April.

“The GBP/USD currency pair continues moving upwards. We think, today the price may continue an ascending movement to reach the level of 1.5500, fall down a little bit towards the target at 1.5415, and then continue growing up to reach the target at 1.5565”, wrote Roboforex.com analyst Igor Sayadov, then betting on a correction to return to the level of 1.5360 or even lower, 1.5285, and then form a new ascending structure towards the target at 1.5615.

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