Forex | Forex | Forex: GBP/USD reacts down after better than expected US GDP (31/07/2009 13:05:00)

Forex: GBP/USD reacts down after better than expected US GDP

Fxstreet.com (Barcelona) – Pound has extended its rejection from 1.6570 against Dollar after the better than expected Q2 US GDP annualized with falling around 50 pips in the last minutes to trade below 1.6500 level, close to 1.6490. Currently the Cable is trading around 1.6490/1.6500, 0.05% above today's opening price.

U.S. Gross Domestic Product contracted at a 1.0% annual rate from April to June, a slower contraction pace than the -1.5% forecasted by market analysts. Dollar and Yen have risen after GDP figures were released.

Last two weeks, GBP/USD has been trading in a range between 1.6300 and 1.6600, the pair is closing the current week with 0.43% weekly gains from Monday opening price at 1.6450 to the current 1.6500.
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