FxWirePro: GBP/USD Maintains Bullish Bias With Focus on 1.4650 Levels
- The GBP/USD pair inched higher in the European session after British GDP data printed positive figures. But, the pair turned back after failing to break resistance level 1.4615, as the pound ran out of strength against US dollar ahead of FOMC statement.
- Gross Domestic Product grew by 0.4 percent in the first three months of the year, in line with forecast but less than 0.6 percent previous quarter.
- Currently the currency pair is trading at 1.4578 levels, it is set to advance further towards 1.4650 later towards 1.4680 levels in the short term.
- To the upside, the strong resistance can be seen at 1.4641, a break above this level would expose the cable to next resistance level at 1.4692 levels.
- To the downside strong support can be seen at 1.4548, a break below at this level will open the door towards next level at 1.4490. Resistance Levels R1: 1.4618 (38.2 % Retracement level) R2: 1.4641 (Jan 8th high) R3: 1.4692 (23.6 % Retracement level) Support Levels S1: 1.4548 (50 % Retracement level) S2: 1.4490 (61.8 % Retracement level) S3: 1.4400 (Psychological levels)
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