FXstreet.com (Barcelona) - The Pound has reacted higher against Dollar after the US 2Q GDP data released in line of previous estimates. Pair seems to have found support around 1.6170 and currently is trading above 1.6200 level, close to 1.6220, posting 0.05% daily declines from opening price action.
U.S. Gross Domestic Product has contracted at a 1.0% pace in the second quarter, according to the second estimate released by the Commerce Department, which leaves previous estimations unrevised, against the expert's estimations of a 1.3% contraction.
Nick Nasad, currency market analyst with CMS Forex, comments it the today's FXstreet.com's US GDP Live Coverage: The Pound has come under scrutinity following its weaker than expected print for 2nd quarter GDP, the expansion of hte central bank's asset plan, and now falling yields on gilts. It's also broken some technical levels that all point to weakness. however as I mentioned before, we are getting slightly oversold, and there should be some pullback to the recent downmove, though for me it would be a chance to sell the pound.