• GBP/USD dipped below the 1.3200 level on Thursday as the dollar strenthed across the board after data showed US economy grew slightly faster than expected in the second quarter.
• Thursday’s data showed that US GDP grew at an annualized rate of 3.0% in the second quarter, according to the Bureau of Economic Analysis’s second estimate.
• In a separate report, initial jobless claims decreased by 2,000 to a seasonally adjusted 231,000 for the week ending August 24.
• GBP/USD ‘s focus is on 38.2%fib support, a break below will accelerate losses.
• Immediate resistance is located at 1.3277( 23.6%fib), any close above will push the pair towards 1.3300( Psychological level).
• Strong support is seen at 1.3157(38.2%fib) and break below could take the pair towards 1.3051 (50% fib).
Recommendation: Good to sell around 1.3190, with stop loss of 1.3260 and target price of 1.3120.
