GBP/USD bounces-off 1.5300, back to 1.5320

FXStreet (Mumbai) – The British pound failed to breach the key 1.53 barrier and rebounded fresh lows at 1.5302 versus the US dollar in the mid-European session. GBP/USD erased some losses, although remains in red as traders digest the latest UK GDP report.

GBP/USD keeps losses below 1.5335-1.5340

The GBP/USD pair -0.29% lower at 1.5313, recovering from fresh three week lows reached shortly after the UK GDP print release. The cable keeps losses in reaction to news that the second estimate of UK Q1 GDP reading showed the UK economy slowed its pace of growth compared to the final quarter of 2014, while the reading confirmed the first estimate.

The second revision to the UK gross domestic product (GDP) failed to surprise on the upside, confirming the economy decelerated by as much as half at the start of this year to a growth of 0.3%, the Office for National Statistics (ONS) informed on Thursday.

Markets now turn their focus on the US macro release which may provide further impetus to the pair.

GBP/USD Levels to consider

The pair has an immediate resistance at 1.5400 above which gains could be extended to 1.5439 (May 27 High) levels. On the flip side, support is seen at 1.5339 (Today’s Low) below which it could extend losses to 1.5325 (April 29 Low) levels.

The British pound failed to breach the key 1.53 barrier and rebounded fresh lows at 1.5302 versus the US dollar in the mid-European session. GBP/USD erased some losses, although remains in red as traders digest the latest UK GDP report.

(Market News Provided by FXstreet)