GBP/USD holding up at 1.5550 after UK data

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GBP/USD holding up at 1.5550 after UK data

FITITOL--> FXstreet.com (Barcelona) - The yearly change of UK GDP in Q1 dropped from -0.1% to -0.2%, while total business investment jumped by 14.8% (from 1.6%) in the same time context.

After the plunge triggered by lowering expectations regarding the EU Summit, the GBP/USD bounced from 1.5528 low to 1.5550 area, where it still stands.

“On the downside, 1.5538/44 lows are reinforced by daily 20 day MA and slide below to expose 50% retracement at 1.5521 and 1.5500, round figure support, ahead of strong support at 1.5460, mid-June lows / Fib 61.8% of 1.5267/1.5776 upleg”, wrote Windsor Brokers analyst Slobodan Drvenica.