26 Sep 2013
GBP/USD in narrow range around 1.6080
FXstreet.com (Edinburgh) -The sterling is extending its overnight flat-line pattern into the European session, with the GBP/USD hovering over 1.6080/75 on Thursday.
GBP/USD focus on UK GDP
The pound would remain in centre stage today, as the GDP figures during the second quarter are due. Prior surveys expect the British economic activity to have expanded 0.7% inter-quarter and 1.5% over the last twelve months. Further data would show a lower current account deficit in Q2, shrinking to £12 billion from £14.51 billion. Against the backdrop of the recent appreciation of the sterling and the string of solid UK data, HSBC Global Research assessed, “While the improved housing market has supported UK consumer sentiment and spending, the reality of negative real income growth is likely to see a return of softer UK data and an unwinding of much of sterling’s recent strength”.
GBP/USD key levels
As of writing the pair is up 0.01% at 1.6083 with the next hurdle at 1.6145 (high Sep.19) and then 1.6164 (high Sep.18). On the downside, a break below 1.6020 (MA50h) would aim for 1.5980 (low Sep.25) and finally 1.5955 (low Sep.24).
GBP/USD focus on UK GDP
The pound would remain in centre stage today, as the GDP figures during the second quarter are due. Prior surveys expect the British economic activity to have expanded 0.7% inter-quarter and 1.5% over the last twelve months. Further data would show a lower current account deficit in Q2, shrinking to £12 billion from £14.51 billion. Against the backdrop of the recent appreciation of the sterling and the string of solid UK data, HSBC Global Research assessed, “While the improved housing market has supported UK consumer sentiment and spending, the reality of negative real income growth is likely to see a return of softer UK data and an unwinding of much of sterling’s recent strength”.
GBP/USD key levels
As of writing the pair is up 0.01% at 1.6083 with the next hurdle at 1.6145 (high Sep.19) and then 1.6164 (high Sep.18). On the downside, a break below 1.6020 (MA50h) would aim for 1.5980 (low Sep.25) and finally 1.5955 (low Sep.24).