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FxWirePro:GBP/USD maintains bullish bias with focus on 1.4800 levels

  • The GBP/USD pair retreated back few pips after soft UK GDP data weighted on British pound during early European afternoon.
     
  • Despite soft macroeconomic readings from UK, short term picture for pair is still bullish as British pound is stronger across the board against US dollar.
     
  • The Office for National Statistics said the economy grew 0.4 percent in the January-March period. Business investment fell by 0.4 percent year-on-year in the first quarter after rising 3.0 percent in the fourth quarter of last year.
     
  • Currently the cable is trading round 1.4701 levels, it is set to advance further towards 1.4750 later towards 1.4800 levels in the short term.
     
  • To the upside, the strong resistance can be seen at 1.4770, a break above this level would expose to cable to next resistance level at 1.4824.
     
  • To the downside immediate support can be seen at 1.4675, a break below at this level will open the door towards 1.4618.

    Resistance Levels

    R1: 1.4745(38.2% Retracement Level)

    R2: 1.4770 (May 3rd high)

    R3: 1.4824 (23.6% Retracement Level)

    Support Levels

    S1: 1.4675 (50% Retracement Level)

    S2: 1.4618 (61.8% Retracement Level)

    S3: 1.4559 (May 19th lows)
  • Market Data
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