GBP/USD hangs near 2-month lows post-US GDP, focus shifts to Carney's speech

   •  US GDP betters expectations and provides a minor boost to the USD.
   •  GBP continues to be weighed down by today’s dismal UK GDP print.
   •  Investors now look forward to Carney’s speech for fresh impetus.

The GBP/USD pair maintained its heavily offered tone through the early NA session and failed to gain any respite from today's upbeat US macro data.

Bears remained in full control and the pair struggled near 2-month lows, around mid-1.3700s after the advance US GDP print showed that the economy registered a stronger than expected growth of 2.3% (annualized pace) during the first quarter of 2018.

The data provided a minor lift to the already stronger US Dollar and kept exerting some downward pressure on the major, which came under intense selling pressure on Friday following the release of dismal UK growth figures. 

The pair, however, seems to have found some support near the 1.3750-45 region as traders now look forward to the BOE Governor Mark Carney's scheduled speech for some fresh impetus on the last trading day of the week.

Technical outlook

Mario Blascak, FXStreet's own European Chief Analyst writes: “Technically, the GBP/USD broke below the 1.3865 key support line representing the 38.2% Fibonacci retracement of a large move from 1.3040 to 1.4377 on Tuesday last week. Breaking the important support level for GBP/USD brinks the next 50% Fibonacci level of 1.3700 into the spotlight as a next target.”