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GBP/USD Rebounds to 1.6700 After UK GDP Data

Posted by Chris Advincula on Aug 15, 2014 6:53:00 AM

GBP.8.15.2014 resized 600

Chart: WorldWideMarkets Alpha Trader

The pound received a modest push upward after the slightly better than expected U.K. 2nd QTR GDP data was released which recovered from the low of 1.6676 to climb to 1.6700 in the semi-thin European session in the absence of Italy and France participants on hoiday today.

The front GDP number remained unchanged from its original estimate of 0.8%. However, the year-on-year data was revised upward to +3.2% from +3.1%. Growth in the 2nd quarter was driven by the dominant service sector, which expanded at 1%. Industrial producton rose 0.3% from the +0.4% estimate, with manufacturing was unrevised at 0.2%. Construction was unchanged after the -0.5% decline.

Supports: 1.6676, 1.6657, 1.6633, 1.6605

Resistances: 1.6735, 1.6774, 1.6783

 

 

Topics: GBPUSD, forex trading, European Session, Fundamental Analysis

 

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