# Trading GBP/USD for the US GDP Release (July 31, 2013)

Source: https://www.tradersway.com/resources/market-info/trading-gbp-usd-for-the-us-gdp-release-july-31-2013/
Language: en
Updated: 2013-07-31

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.



![Trading GBP/USD for the US GDP Release (July 31, 2013)]



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.



*By Kate Curtis from Trader’s Way*