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