GBP/USD (current price: 1.4651)
U.S. GDP Growth came in at a surprisingly weak 0.4% following the negative British GDP data on Wednesday. Cable resumed its recent uptrend on the news and got back above 1.46 during the afternoon. The pair remained strong despite the late sell-off in U.S. stocks as the sentiment towards the Pound turned decisively bullish lately. Further upside is expected in the pair, with all eyes on the strong resistance zone near 1.465 as the next important level.
Our assessment: Cable still enjoys a relief rally that followed a multi-month decline, despite the recessionary economic conditions in the UK. The favorable polls regarding the Brexit vote continue to push the pound higher.
