23 Dec 2014
GBP/USD hits fresh daily low after weak UK Q3 growth numbers
FXStreet (Mumbai) - Cable slipped after the release of UK final GDP and Current account data as the numbers came in lower than market estimations.
The GBP/USD pair hit fresh daily low at 1.5552 levels, down 0.22% on the day, immediately after the data release. GBP/USD dropped to fresh daily lows as markets remained disappointed after the Office for National Statistics revised downward UK third quarter GDP citing weaker business investments.
The final estimate of third quarter GDP in the UK showed q/q growth slowing to 0.7% from 0.9% in the second quarter. On a yearly basis, output eased to 2.6% in the third quarter compared 3.0% previously estimated.
Moreover, the current account for the third quarter showed a wider deficit of 27.0 billion pounds.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5621 (5-DMA) above which gains could be extended to 1.5667 (Dec 22 High) levels. On the flip side, support is seen at 1.5571 (Dec 22 Low), below which it could extend losses to 1.5547 (Dec 18 Low) levels
The GBP/USD pair hit fresh daily low at 1.5552 levels, down 0.22% on the day, immediately after the data release. GBP/USD dropped to fresh daily lows as markets remained disappointed after the Office for National Statistics revised downward UK third quarter GDP citing weaker business investments.
The final estimate of third quarter GDP in the UK showed q/q growth slowing to 0.7% from 0.9% in the second quarter. On a yearly basis, output eased to 2.6% in the third quarter compared 3.0% previously estimated.
Moreover, the current account for the third quarter showed a wider deficit of 27.0 billion pounds.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5621 (5-DMA) above which gains could be extended to 1.5667 (Dec 22 High) levels. On the flip side, support is seen at 1.5571 (Dec 22 Low), below which it could extend losses to 1.5547 (Dec 18 Low) levels