GBP / USD Trading Outlook
GBP/USD started trading early morning sessions at the 1.6350 mark but suffered large losses, dropping to a low of 1.6285. US debt concerns will still be weighing on investors’ minds today as trading gets underway for both the European and US trading sessions. The US is set to release their advance GDP figures (Q/Q) at 12:30 GMT which is expected to come lower at 1.7% and could bolster the pair later on.
GBP/USD fell from the 1.64s yesterday in the London session as USD strengthened. Losses were consolidated later in the day and the pair traded in a tight range 1.6315-44 overnight. EUR/GBP sales supported this. The low 1.63s have fought off the downtrend for now and is up this morning. US Initial Claims will be released at 13:30 BST with 415K expected and at 15:00 we have US Pending Home Sales change a drop of 2% is forecasted. To the topside the next resistance is 1.6443.
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