Current trend 

On Tuesday, the pair GBP/USD continued growth, despite poor data on preliminary GDP in the UK. According to the British National Bureau of statistics, GDP rose by 0.3% on quarterly basis, indicating slowdown of economic growth. The rate was the lowest since 2013. Thus, on annual basis GDP fell from 3% to 2.4%.

The rise in the Pound against the USD was triggered by negative consumer confidence index in the U.S. The index amounted to 95.2 points, which was below the forecast. Note also that poor data on the main sectors of the American economy, which were released earlier, give reason to believe that at today’s meeting of the US Fed interest rate will remain unchanged.

Support and resistance

The nearest resistance level is 1.5392 – the highs of 3 March.

Support levels: 1.5261 – This Mondays’ highs and 1.5189 – the highs of last week.

Trading tips 

In the current situation it is recommended to open short positions with the target of 1.5261 and protective orders at 1.5392.

GBP/USD: general analysis

The material published on this page is produced by LiteForex and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC; furthermore it has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of the dissemination of investment research.

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