GBP USD trading in the cautious
10/27/2016 7:40:59 AM
The GBP is trading in the cautious on Thursday, sending GBP/USD to the lower bound of the range near 1.2215.
The pair succeeds to keep the integrative pattern within a narrow range not far from the 1.2200 handle so far this week, always against the backdrop of variable trade and with USD-dynamics as the almost exclusive driver of the price action.
Later in the session, GBP will take center stage in light of the release of the flash GDP figures for the third quarter and Consumer Confidence followed by GFK. Market consensus anticipates the UK economy to extend at an annualized 2.1% and 0.3% inter-quarter during the July-September period.
As of writing the pair is losing 0.19% at 1.2222 facing the immediate support at 1.2085 followed by 1.1450. On the other hand, a break above 1.2325 would reveal 1.2377 and ultimately 1.2380.