GBP/USD is waiting for the US GDP between 1.56 and 1.57!
As I pointed at my GBP/USD analasis from November 13. if the pair brake 1.5700/30 on the way down, that level will become resistance level, and we can see that GBP can’t get back over for the last 7 days. GBP bulls have try to brake it for several times, but selling pressure on that area is to strong for now, pushing the pair back toward 1.5590/1.5600 twice. This is some kind of consolidation range here between 1.56 and 1.57 but, I hope, that US GDP data at 13:30 (GMT) will change something here!? Weaker then expected data could push the pair up and brake resistance at 1.5700, and better then expected data could also brake support at 1.5600. If the pair brake support level at 1.5590/600 next support could find at 1.5430/50. On the way up, the next strong resistance is waiting at 1.5870/80. Let’s see what will happen here?
Edit: The pair didn’t react on positive US GDP at all and we are steady at the same level like before. Both levels are untouched and here we are in neutral mode but still looking bearish for now.