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[QUOTE="katetrades, post: 48962, member: 21862"] [b]Trading GBP/USD for the US GDP Release (July 31, 2013)[/b] GBP/USD retreated from its recent highs during yesterday’s trading, and this may have been a result of profit-taking ahead of today’s major US events. The US Advanced GDP reading is up for release and the economy is expected to have grown by 1.1%, slower than the previous 1.8% expansion. Take note that the Q1 GDP reading was already revised lower from the initial estimate of 2.2%. A weaker than expected reading would therefore be very negative for the dollar as it would remind traders that the economy is still weak and might not survive with less stimulus. [IMG]http://www.tradersway.com/var/tw/storage/images/media/images/130731_gbpusd/18750-1-eng-US/130731_gbpusd.jpg[/IMG] GBP/USD seems to be finding support at the 38.2% Fib, which is in line with an area of interest and the 1.5200 major psychological level. A bounce could take the pair up to its recent highs around 1.5400. [I]By Kate Curtis from Trader's Way[/I] [/QUOTE]
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