FxWirePro: GBP/USD runs out of steam but maintains bullish outlook

• GBP/USD initially gained  on Monday   but gave up some ground as investors digested UK GDP data.

•  Britain's economy grew more slowly than previously thought in the second quarter.Economic output expanded by 0.5% in the April-to-June period, the Office for National Statistics said on Monday.

• Separate data published on Monday showed British house prices in September rose by the most since November 2022 in annual terms, up 3.2% compared with the same month last year.

•At GMT 14:28, the pair was trading down 0.02 percent  at 1.3367, retreating from daily high hit earlier at 1.3428.
 

• Technical signals are  strongly bullish as RSI is   at 64 , daily momentum studies  5, 9 and 10 DMAs are trending up.

•   Immediate resistance is located at 1.3432( 23.6%fib), any close above will push the pair towards 1.3458 ( Higher BB)

•  Strong support is seen at 1.3349(38.2%  fib) and break below could take the pair towards 1.3284 (50%  fib).

  Recommendation: Good to buy around 1.3350 with stop loss of 1.2950 and target price of 1.3430