GBP/USD jumps to 1.4280 ahead of UK GDP
By FXStreet FXStreet (Mumbai) – The GBP/USD pair stages a solid comeback in the European session, tracking the recovery in oil prices, while focus remains on the UK’s Q4 prelim GDP report due for release shortly.
GBP/USD testing hourly 100-SMA
The GBP/USD pair trades 0.28% higher at fresh session highs of 1.4278, heading for a test of 1.43 handle.
Fresh bids emerged for the major near the hourly 200-SMA at 1.4244 and the prices nearly 40-pips largely driven by renewed optimism in the European equities after the oil prices recovered losses and now looks to stabilize over the last hour. Germany’s DAX gains 0.15%, while the UK’s FTSE rises 0.27% and the pan-European benchmark, the Euro Stoxx advances 0.43%.
Moreover, the GBP/USD pair climbs higher as the pound remains strongly bid on expectations that the UK economic growth is expected to have picked-up pace in the last quarter of 2015 and is seen at 0.5% from a downwardly revised 0.4% in Q3. Besides, the main highlight for the day is expected to remain the US durable goods orders data.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.4300/11 (round number/ Jan 25 High), above which 1.4359/ 67 (Jan 27 & 26 …read more
Source:: FX Street
