The Great Britain Pound (GBP) inched higher against the US Dollar (USD) on Wednesday, increasing the price of GBPUSD to more than 1.2600 following some major economic releases. The technical bias may turn bullish because the pair’s price marked a lower higher in the recent downside move.

GBP/USD Technical Analysis

As of this writing, the pair is being traded around 1.2641, a resistance can be witnessed around 1.2774, the 38.2% Fib level resistance. Another resistance level may come at 1.2867, the major horizontal resistance ahead of 1.3035, the trendline resistance level as demonstrated in the given below chart.

On the downside, a support can be seen around 1.2467, the immediate trendline support ahead of 1.2400, the psychological number then comes a key horizontal support level around 1.2365, as demonstrated in the given above chart. The technical bias shall remain bearish as long as 1.2670, the major horizontal resistance level remains intact.

GBP 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 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) whereas a downward trend suggests a bearish market for the Great Britain Pound (GBP).

Trade Idea

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