GBP/USD around 1.5330 ahead of GDP The sterling is following its European counterpart on Thursday, with the GBP/USD consolidating around 1.5330 ahead of UK GDP figures for the first quarter. GBP/USD broader picture remains negative Prior surveys expect the British economy to have expanded 0.3% inter-quarter and 0.6% on a yearly basis. Other releases point to a lower Current Account deficit in the first three months of 2013 and also the BoE will publish its Credit Conditions Survey for Q2. In the opinion of G.Yu and G.Berry, Strategists at UBS, “The UK’s qualities as a safe haven in any risk-off environment will always be source of support, but we do question the market’s ability to extended current longs. We target GBPUSD and EURGBP at 1.47 and 0.87 respectively in 3m”. GBP/USD critical levels At the moment the pair is up 0.14% at 1.5336 and a break above 1.5442 (high Jun.26) would open the door to 1.5480 (high Jun.25) and finally 1.5500 (psychological level). On the downside, support levels align at 1.5300 (psychological level) ahead of 1.5293 (50% of 1.4832-1.5753) and then 1.5290 (low Jun.5).
Posted on: Thu, 27 Jun 2013 06:53:57 +0000
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