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2017.05.2511:08:00UTC+00Fxwirepro: Gbp/usd Drops Below 1.2950 After Uk Q1 Gdp revised Lower, more Downside Expected
GBP/USD declined on Thursday as sterling was weighed down on after data showed Britain's economy slowed more than previously thought in the first quarter of this year.
Gross domestic product grew by just 0.2 percent compared with an earlier estimate of 0.3 percent. Most economists had forecast the rate of growth would stay unchanged, which already marked a steep slowdown from the rapid 0.7 percent pace achieved in the final three months of 2016.
The ongoing weakness is set to continue for this pair as the resistance level at 1.3045 is likely to act as strong barrier to the bulls and bring a further decline towards lower levels.
To the upside, immediate resistance can be seen at 1.2983, a break above this level would expose the cable to next resistance level at 1.3016 levels.
To the downside strong support can be seen at 1.2887, a break below at this level will open the door towards next level at 1.2844.
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