GBP/USD rises to fresh session high of 1.5384

FXStreet (Mumbai) – The bid tone on the GBP strengthened further in anticipation of an upbeat UK first quarter GDP report, thereby pushing the GBP/USD pair to a fresh session high of 1.5384 levels.

Focus on UK GDP

The UK economy is seen expanding 2.5% year-on-year in Q1, compared to the previous figure of 2.4%, while quarter-on-quarter the GDP is seen rising 0.4%, compared to the previous figure of 0.3%.

The expectations of an upbeat data helped the GBP/USD pair recover from the previous session’s low of 1.5330. Part of the recovery was also due to a broad based weakness in the USD triggered by a correction in the USD/JPY pair.

GBP/USD Technical Levels

The immediate resistance is located at 1.5398 (200-DMA), above which the pair could rise to 1.5430. On the flip side, a break below 1.5376 could drive the pair lower to 1.5330.

The bid tone on the GBP strengthened further in anticipation of an upbeat UK first quarter GDP report, thereby pushing the GBP/USD pair to a fresh session high of 1.5384 levels.

(Market News Provided by FXstreet)