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GBP/USD Holds Above 1.7000 Following Final Q1 GDP Data

GBP/USD Holds Above 1.7000 Following Final Q1 GDP Data

Edward Hyon,

Talking Point:

  • GDP (YoY): 3.0% Vs 3.1% Est., (MoM): 0.8%, 0.8% Est
  • GBP/USD Suffers Knee-Jerk Dip Post The Data Release
  • UK Q1 GDP Comes In Expected; Business Investment Up

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The final revision of UK Gross Domestic Product(GDP) printed at 0.8 percent quarter-on-quarter. There were no big surprises as the gauge of economic growth was widely expected to confirm the initial figure of 0.8 percent for the first three months of the year. Meanwhile, the year-on-year GDP figure narrowly missed the forecast of 3.1 percent coming in at 3 percent flat.

GBP/USD hit a session low of 1.7016, after the issuance of the UK GDP figures, however quickly recovered as traders may have engaged with the robust UK Total Business Investment Data, which registered at 5 percent compared to 2.7 percent estimated for the first-quarter.

Following DailyFX Currency Strategist Ilya Spivak’s technical analysis for GBP/USD, the pair shows near term resistance-turned-support at 1.6961-96 area (23.6% Fib exp. and the May 6 high) and resistance at 1.7062, pronounced by June 19 high.

GBP/USD 5 Minute Chart

GBP/USD Holds Above 1.7000 Following Final Q1 GDP Data

Chart Created Using FXCM Marketscope 2.0

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Edward Hyon, DailyFX Research Team

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