7 Feb 2014
GBP/USD reaches 1.6400 after UK GDP estimate
FXStreet (Córdoba) - Even though USD weakness after nonfarm payrolls was short lived, the GBP/USD received a fresh boost from UK GDP estimate and reached fresh daily highs.
The UK economy grew 0.8% in quarter ended in January, according to data provided by NIESR following 0.7% growth in the quarters ended in December, November and October. The GBP/USD rose to marginal new high of 1.6399 but lacked momentum to break decisively above the 1.6400 mark.
GBP/USD levels to watch
At time of writing, the GBP/USD is trading at the 1.6385 zone, recording a 0.4% gain on the day. In terms of technical levels, immediate resistances line up at 1.6400 (psychological level) and 1.6440 (20-day SMA). On the other hand, supports are seen at 1.6300 (psychological level), 1.6272 (Feb 6 low) and 1.6248 (100-day SMA).
The UK economy grew 0.8% in quarter ended in January, according to data provided by NIESR following 0.7% growth in the quarters ended in December, November and October. The GBP/USD rose to marginal new high of 1.6399 but lacked momentum to break decisively above the 1.6400 mark.
GBP/USD levels to watch
At time of writing, the GBP/USD is trading at the 1.6385 zone, recording a 0.4% gain on the day. In terms of technical levels, immediate resistances line up at 1.6400 (psychological level) and 1.6440 (20-day SMA). On the other hand, supports are seen at 1.6300 (psychological level), 1.6272 (Feb 6 low) and 1.6248 (100-day SMA).