12 May 2015
GBP/USD steady below 1.5700 after UK GDP estimate
FXStreet (Córdoba) - GBP/USD consolidates near daily highs just below 1.5700, barely affected by the the release of the UK GDP estimate from NIESR.
According to NIESR, UK economy grew by 0.4% in the three months to April, versus a downwardly revised 0.3% rise the previous month. However, the pound was immune to data and continued to trade at the 1.5660/70 zone, after being rejected from a yearly high of 1.5710 scored earlier on the day.
Cable is rising for third day in a row, underpinned by unexpected Tory majority in UK election. On Tuesday, better-than-expected results from the UK’s industrial sector and broad USD weakness fueled the advance, but GBP/USD was unable to hold above the 1.57 mark.
At time of writing, GBP/USD is trading at 1.5659, 0.47% above its opening price with immediate resistances lining up at 1.5710 (daily high) and 1.5752 (Dec 17 high).
According to NIESR, UK economy grew by 0.4% in the three months to April, versus a downwardly revised 0.3% rise the previous month. However, the pound was immune to data and continued to trade at the 1.5660/70 zone, after being rejected from a yearly high of 1.5710 scored earlier on the day.
Cable is rising for third day in a row, underpinned by unexpected Tory majority in UK election. On Tuesday, better-than-expected results from the UK’s industrial sector and broad USD weakness fueled the advance, but GBP/USD was unable to hold above the 1.57 mark.
At time of writing, GBP/USD is trading at 1.5659, 0.47% above its opening price with immediate resistances lining up at 1.5710 (daily high) and 1.5752 (Dec 17 high).