GBP/USD struggle with 1.4700 continues post UK-GDP

The winning streak in the GBP/USD pair lost legs near 1.4740 region and the major dropped sharply below 1.47 handle on downbeat UK GDP figures, before recovering some ground over the last hour.

GBP/USD: Firmer oil underpins

Currently, GBP/USD trades +0.07% higher at 1.4705, finding it difficult to extend beyond 1.47 barrier. The cable took a breather from its rally to fresh three-week highs, as unimpressive UK GDP revision emerged the main catalyst behind the latest downbeat momentum in the GBP.

The Office of National Statistics (ONS) noted on Thursday, the UK economy grew 0.4% in the first quarter, slower than the 0.6% pace in Q4 2015, the same as the first estimate showed in April.

However, the GBP/USD pair continues to fight hard to keep the bids, finding support from the bullish consolidation seen in the oil prices and moderately higher European stocks.

Next in focus for the major remains the US durable goods and pending home sales data that will reported in the NA session. While speeches from Fed officials Powell and Bullard will be also closely heard for fresh insights on the US interest rates policy.

GBP/USD Levels to consider

The pair has an immediate resistance at 1.4739/43 (Daily high/ 200-DMA), above which 1.4770 (May high) would be tested. On the flip side, support is seen at 1.4657 (1h 50-SMA below that at 1.4600 (round number/ 5-DMA).