GBP/USD drops below key support at 1.5336-1.5330

FXStreet (Mumbai) – The GBP/USD pair extended losses to trade below a key technical support at 1.5336-1.5330 as GBP longs continued to unwind on a weaker-than-expected UK Q1 GDP data.

GBP/USD: trades below key Fib levels

The pair currently trades at 1.5325, after having breached the previous session’s low of 1.5330. The unrevised GDP print pushed the pair below 1.5336, which is the 38.2% Fib Retracement of 1.4564-1.5813). Meanwhile, 1.5330 is 100% Fib Expansion level of 1.4564-1.5445-1.5698.

Ahead in the day, the pair could extend losses well beyond the said Fib levels or recover above the same as per the nature of the US weekly jobless claims data. The pair could also be influenced by the Pending home sales report due later today in the US.

GBP/USD Technical Levels

The immediate support is located at 1.53, under which losses could be extended to 1.5260 (Apr. 27 high). On the flip side, a break above 1.5336 could see the pair re-test 1.5376 levels.

The GBP/USD pair extended losses to trade below a key technical support at 1.5336-1.5330 as GBP longs continued to unwind on a weaker-than-expected UK Q1 GDP data.

(Market News Provided by FXstreet)