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GBP/USD off lows, steady after UK GDP

FXStreet (Córdoba) - The GBP/USD managed to recover from daily lows at the beginning of the New York session as the greenback receded across the board and stocks recover from lows in US and Europe.

However, the GBP/USD failed to inspire following the release of the NIESR UK GDP estimation, which showed British economy grew 0.6% in the 3 months to July versus 0.9% the previous month, and didn’t help to offset the negative tone set by disappointing UK IP data earlier on the day.

At time of writing, the GBP/USD is trading at the 1.6840 zone, recording a 0.26% loss on the day.

GBP/USD levels to watch

As for technical levels immediate supports are seen at 1.6803 (Aug 1 low), 1.6785 (Jun 12 low) and 1.6737 (Jun 11 low). On the other hand, resistances could be found at 1.6887 (Aug 5 high), 1.6900 (psychological level) and 1.6925 (Jul 31 high).

United Kingdom NIESR GDP Estimate (3M) down to 0.6% in July from previous 0.9%

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UK: NIESR GDP Estimate at 0.6% in July

According to estimates released by the National Institute of Economic and Social Research, UK GDP rose by 0.6% in the three months to July, down from the 0.9% increase seen in the three months to June.
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