The Great Britain Pound (GBP) fell against the US Dollar (USD) on Friday,  decreasing the price of GBPUSD to less than 1.3100 following major economic news releases. The technical bias may remain bullish because the pair’s price marked a higher high in the recent upside move.

GBP/USD Technical Analysis

As of this writing, the pair is being traded around 1.3022, a major horizontal support can be seen around 1.2995 ahead of another support which may come around 1.2922, the 38.2% Fib level support and then a key horizontal support around 1.2834 as demonstrated in the given below chart.

Coming towards the upside, a resistance can be witnessed around 1.3204, the trend line resistance level. Another resistance level may come around 1.3313, the 38.2% Fib level. At 1.3517, the major horizontal resistance level is likely to come across which may prevent the price of the pair from rising above this level, as demonstrated in the given above chart. The technical bias shall remain bullish as long as 1.2658, the major horizontal support level remains intact.

Great Britain Gross Domestic Product News

In Great Britain, the figure concerning the GDP (Gross Domestic Product) remained 0.0% in August, as compared to 0.4%t during the month before, down beating the economist expectation which was 0.1%. The date is sourced from a news released by the National Statistics, United Kingdom.

The figure represents a net worth of all products including goods and services produced in the country. It’s a matter of fact the news with respect to GDP is usually considered as the most anticipated economic news since it deals with the country’s economic health and performance over time. Generally speaking a rising trend in this regard indicates a bullish market for the Great Britain Pound (GBP) and vice versa.

Trade Idea

Considering the overall price behavior of the pair over the last couple of days, buying GBPUSD around current levels can be a good decision in short to medium term.