25 Oct 2013
GBP/USD supported around 1.6200
FXstreet.com (Barcelona) -The sterling is extending its current rally on Friday, taking the GBP/USD beyond 1.6200 the figure ahead of key UK data due later.
GBP/USD eyes on Q3 GDP
The pair would be under pressure ahead of the advanced GDP figures for the third quarter in the UK economy, where consensus expects the economic activity to have expanded 0.8% inter-quarter and at an annual pace of 1.5% vs. forecasts at 0.7% and 1.5%, respectively.
Derek Halpenny, European Head of Global Markets Research at BTMU, commented, “UK GDP for Q3 should be similar to the 0.7% gain in Q2 consistent with the PMI services and manufacturing indices which have been very strong of late. Much of this is now priced into the pound and hence we doubt GBP/USD will advance much on a good outcome”.
GBP/USD levels to watch
The pair is now up 0.10% at 1.6216 with the next resistance at 1.6258 (high Oct.23) followed by 1.6260 (high Oct.1) and then 1.6300 (psychological level). On the flip side, a breakdown of 1.6119 (low Oct.23) would expose 1.6115 (low Oct.22) and finally 1.6096 (MA10d).
GBP/USD eyes on Q3 GDP
The pair would be under pressure ahead of the advanced GDP figures for the third quarter in the UK economy, where consensus expects the economic activity to have expanded 0.8% inter-quarter and at an annual pace of 1.5% vs. forecasts at 0.7% and 1.5%, respectively.
Derek Halpenny, European Head of Global Markets Research at BTMU, commented, “UK GDP for Q3 should be similar to the 0.7% gain in Q2 consistent with the PMI services and manufacturing indices which have been very strong of late. Much of this is now priced into the pound and hence we doubt GBP/USD will advance much on a good outcome”.
GBP/USD levels to watch
The pair is now up 0.10% at 1.6216 with the next resistance at 1.6258 (high Oct.23) followed by 1.6260 (high Oct.1) and then 1.6300 (psychological level). On the flip side, a breakdown of 1.6119 (low Oct.23) would expose 1.6115 (low Oct.22) and finally 1.6096 (MA10d).