“¢ GBP gets a minor boost from an upward revision of the UK Q1 GDP growth.
“¢ UK current account deficit adds to the positive mood and remained supportive.
“¢ The ongoing USD corrective slide further collaborates to the bullish momentum.
The GBP/USD pair added to its daily gains beyond mid-1.3100 handle and spiked to fresh session tops on upbeat UK macro data.
The pair built on its recovery move from fresh YTD lows, set yesterday, and continued gaining traction following an upward revision of the UK GDP print for the first quarter of 2018, now stands at 0.2% q/q as against 0.1% estimated earlier.
Adding to this positive growth figures, UK current account deficit shrank more than expected to £17.7 billion during the first quarter of 2018, down from £18.4 billion recorded in the previous quarter.
Against the backdrop of ongoing US Dollar retracement slide from 11-month tops, today’s positive UK economic data provided an additional boost and has now lifted the pair back closer to the 1.3200 handle.
Technical levels to watch
From current levels, a follow-through buying has the potential to lift the pair back above the 1.3200 handle, towards testing the 1.3225-30 supply zone. On the flip side, any meaningful slide below mid-1.3100s now seems to find support near the 1.3120 level and is closely followed by the 1.3100 handle.
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