GBP/USD set for a weekly loss, trades at 1.5240

FXStreet (Mumbai) – The GBP/USD pair is set for a weekly loss after having declined from the high of 1.5506 seen on a Monday amid holiday thin volumes. The pair hit a fresh session low of 1.5240.

Second week of losses

The pair had suffered loss in the previous week as the USD made a comeback across the board on better-than-expected forward looking economic indicators in the US. A similar move was seen as volumes normalized on Tuesday and markets priced-in an upbeat US core durable goods report.

The weakness was extended further after the UK Q1 GDP was left unrevised in the second estimate released on Thursday. Markets were rooting for an upward revision of the GDP. At the current level of 1.5240, the combined bi-weekly loss comes to around 3%.

It remains to be seen if the US Q1 GDP report due for release later today results in more or losses or short covering the GBP/USD pair.

GBP/USD Technical Levels

The immediate support is seen at 1.5200, under which the pair could target 1.5189 (50% Fib R of 1.4564-1.5813). On the flip side, a break above 1.5260 could drive the pair higher to 1.5330-1.5336.

The GBP/USD pair is set for a weekly loss after having declined from the high of 1.5506 seen on a Monday amid holiday thin volumes. The pair hit a fresh session low of 1.5240.

(Market News Provided by FXstreet)