The GBP/USD pair went off to a great start today as it reached a high of 1.6816 after opening at 1.6806, but was dragged down immediately by the United Kingdom’s disappointing GDP figures. The initial run brought the pair closer to multi-year highs at around the 1.6850 area. However, this was halted by the United Kingdom’s Q1 GDP data, which came out lower than expected. Its 12-month GDP was at 3.1%, slightly lower than the expected 3.2%. Meanwhile, the QoQ GDP was at 0.8%, slightly lower than the expected 0.9%.
The pair is currently trading at 1.6809. Initial resistance for the pair is at 1.6874, followed by 1.6916. Meanwhile, initial support is at 1.6792, followed by 1.6750.
As for the EUR/USD pair, it opened today’s Asian session at 1.3852 before rising further as the day progressed. It managed to peak at 1.3879 at around the opening of the European session, but slid sharply to 1.3854 after the European Union released disappointing data on its M3 Money Supply for March and Private Loans for the same period. The 3-month M3 Money Supply was at 1.2%, while it came out at 1.1% for the 12-month period, which was slightly lower than the expected 1.4%. Meanwhile, Private Loans dropped by 2.2%, instead of the 2.1% that the market expected. However, the pair was able to recover most of its losses, and is currently trading at 1.3867.
Further volatility in the EUR/USD pair may be expected as Germany will release its Consumer Price Index Data in April later today (12:00PM GMT).
Initial resistance for the pair is at 1.3899, followed by 1.3933. Meanwhile, initial support is at 1.3832, followed by 1.3798.
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