GBP/USD once again fails near 1.34 mark, US data eyed for fresh impetus

   •  UK GDP data fails to provide any meaningful boost. 
   •  Reviving USD demand further capped recovery move. 
   •  Traders look forward to US data for fresh impetus. 

The GBP/USD pair stalled the post-UK data recovery move near the 1.3400 handle and has now drifted back to the lower end of its daily trading range. 

The British Pound got a minor boost after the UK Office for National Statistics reported that the economy expanded by 0.4% in the third quarter, in line with first estimates, while the yearly growth rate bettered expectations and stood at 1.7%.

A slight positive yearly print was, to some extent, negated by another report, showing that the UK current account deficit narrowed less-than-expected to £22.8 billion in the third quarter as against £25.8 billion in the three months to June.

The uptick, however, turned out to be short-lived, with the pair quickly running into some fresh offers amid a modest US Dollar uptick from closer to a short-term descending trend-line resistance.

Currently trading around the 1.3365 region, traders now look forward to the US economic docket, with the key focus on durable goods orders and the Fed's preferred inflation gauge - core PCE price index, for some fresh trading impetus.

Technical levels to watch

A follow through weakness below the 1.3330-25 region might now force the pair to challenge the 1.3300 important support before eventually dropping to 50-day SMA near the 1.3275 region.

On the upside, the 1.3400 handle remains immediate strong resistance, above which a fresh bout of short-covering is likely to accelerate the up-move towards 1.3470-75 supply zone en-route the key 1.35 psychological mark.