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GBP/USD Inches Closer to 1.55 on GDP Surprises

The UK posted a better than expected GDP figure, and the US disappointed with a weak one. After the former outcome, GBP/USD leaped and crossed the 1.54 line.

And after the latter, cable is touching the 1.55 line. Can the pair recover all the lost ground seen in recent months?

The chart shows the first and second legs of this move.  1.55 seems to be a barrier hard to cross.

[do action=”tradingviews” pair=”GBPUSD” interval=”60″/]

Also EUR/GBP is falling as the euro has limited room for rises as a rate cut is looming in the euro-zone.

These rises of the pound come after it was pounded by rating agencies: first Moody’s and then Fitch. The credit rating downgrades pushed the pound lower. For more on the pound, see the GBP/USD forecast.

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.