GBPUSD Trades Near Important Horizontal Support Ahead of UK GDP
Having broke the 1.5160-50 horizontal support on Tuesday, the GBPUSD failed to extend its decline and is currently struggling to break the said support-area ahead of Q2 2015 Final reading of UK GDP.
Should the GDP prints weaker than 0.7% expected mark, the pair can break 1.5150, indicating its 1.5090 intermediate support re-test before plunging to 1.5000 - 1.4990 important support-region.
Alternatively, a good GDP print can fuel the pair to close above 1.5200 mark that negates Tuesday's break and can favor the pair's bounce to 1.5330-35 horizontal resistance.
Should the GDP prints weaker than 0.7% expected mark, the pair can break 1.5150, indicating its 1.5090 intermediate support re-test before plunging to 1.5000 - 1.4990 important support-region.
Alternatively, a good GDP print can fuel the pair to close above 1.5200 mark that negates Tuesday's break and can favor the pair's bounce to 1.5330-35 horizontal resistance.