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20 Dec 2013
GBP/USD edges higher after mixed UK data
FXstreet.com (Córdoba) - The GBP/USD saw a short-lived spike after the latest string of UK data came in mixed.
The UK final Q3 GDP rose 0.8% as previously estimated, but the YoY growth was revised up to 1.9% from 1.5%. However, the GBP failed stage a steeper recovery as GDP figures were offset by a wider than expected, and the highest on record, Q3 current account deficit which widened to £20.721 billion.
The GBP/USD jumped to the 1.6365 area but stalled a few pips shy of daily highs and quickly pulled back to pre-data levels. At time of writing, the pair is trading at the 1.6350 zone, still 0.1% below its opening price.
GBP/USD levels to watch
In terms of technical levels, the GBP/USD could find immediate resistances at the 1.6370 zone (daily highs) and 1.6397/1.6400 (Dec 19 high/psychological level) followed by 1.6465 (Dec 10 high) and 1.6483 (Dec 18 high). On the other hand, supports are seen at 1.6317 (daily low), 1.6300 (psychological level) and 1.6285 (Dec 16 low).
The UK final Q3 GDP rose 0.8% as previously estimated, but the YoY growth was revised up to 1.9% from 1.5%. However, the GBP failed stage a steeper recovery as GDP figures were offset by a wider than expected, and the highest on record, Q3 current account deficit which widened to £20.721 billion.
The GBP/USD jumped to the 1.6365 area but stalled a few pips shy of daily highs and quickly pulled back to pre-data levels. At time of writing, the pair is trading at the 1.6350 zone, still 0.1% below its opening price.
GBP/USD levels to watch
In terms of technical levels, the GBP/USD could find immediate resistances at the 1.6370 zone (daily highs) and 1.6397/1.6400 (Dec 19 high/psychological level) followed by 1.6465 (Dec 10 high) and 1.6483 (Dec 18 high). On the other hand, supports are seen at 1.6317 (daily low), 1.6300 (psychological level) and 1.6285 (Dec 16 low).