FXstreet.com (Barcelona) - The GBP has risen around 100 pips from 1.4520 to 1.4620 after the weak US 4Q GDP data. Currently the GBP/USD is trading around 1.4605/15.
The Pound has recovered the ground from the previous losses on worst than expected Feb UK retail sales data.
Next resistance could be 1.4635, 1.4692 and 1.4775, as Mar 24 high. On the downside, below 1.4515 (Mar 25 low), next support could come at 1.4450 (Mar 23 low), and then at 1.4390 (Mar 20 low).
According to Nick Nasad, Analyst at CMS, the market is back to its initial positions: Therefore the initial move has favored the greenback, but the response is muted, and we are already seeing a push back to its initial gains.