Although the UK GDP data was released at -0.6% (Forecast: -0.4% Previous: -0.3%), signaling that the UK economy has entered into a recessionary phase, the GBPUSD continued to climb higher due to the weakness of the DXY.
After reaching the high of 1.18, the GBPUSD has retraced and is consolidating just below the round number.
Look for the GBPUSD to consolidate at this level before trading higher again toward the next key resistance level of 1.20, if the price breaks above the 1.18 round number resistance level.
After reaching the high of 1.18, the GBPUSD has retraced and is consolidating just below the round number.
Look for the GBPUSD to consolidate at this level before trading higher again toward the next key resistance level of 1.20, if the price breaks above the 1.18 round number resistance level.