FXstreet.com (Barcelona) - The Pound seems to have been hammered by UK GDP data, and the Pair has dropped about 80 pips from 1.4675 to levels right at Apr 23 low 1.4595.
UK Gross Domestic Product relative to the first quarter has been released to have dropped 1.9% in the first quarter and 4.1% year on year, according to preliminary estimations by National Statistics. The quarterly decline has been the largest since 1979.
The Sterling, which was attempting to recover from 1.4600 has lost almost 80 pips minutes after the GDP release, reaching at 1.4595 Apr 23 high, a support level that, so far remains intact, as the Pound has picked up to 1.4625 later.
Resistance levels stand at 1.4635 and above here, 1.4685. Immediate support level lies at 1.4595, and 1.4520.
For more information, read our latest forex news.