Forex: GBP/USD rebounds towards highs ahead of US GDP Q1

FXstreet.com (Barcelona) - The GBP/USD found higher demand during early Asian session which lifted the pair by 40 pips to 1.5472 high. Profit taking pulled gains back and tested 1.5320 for support on the London session before a fresh upside momentum. The pair jumped about 30 pips to 1.5460 session high in a matter of 30 minutes as the GBP/USD attempts to resume yesterday’s jump above the 1.5400 psychological level.

Investors may be starting to think about the US GDP Q1 due at 12:30 GMT, ahead of next week’s FOMC meeting: “We expect the economic recovery to start the year on a much firmer footing than it ended 2012. And even in the midst of ever-tightening fiscal policy and an unsupportive global environment, the economy is expected to boast a very respectable 3.0% Q/Q advance in Q1, up significantly from the disappointing 0.4% Q/Q advance recorded the previous quarter”, wrote TD Securities analyst Jacqui Douglas.

“Yesterday's rise has reached a local peak at 1.5478 and the pair is set for a corrective pullback to 1.5367 support, before renewal of the upmove towards 1.5577”, wrote Deltastock.com analyst Stoyan Mihaylov, pointing to minor intraday support at 1.5420, followed by 1.5367.