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Forex: GBP/CHF rallies to 1.4575 on UK GDP Q1

FXstreet.com (Barcelona) - Having peaked at 1.4499 during the Asian session, the cross erased its gains ahead of hard data in the UK. The publication of a surprisingly higher UK GDP Q1 than expected made the GBP/CHF rally to 1.4575 high in a matter of few minutes.

The preliminary release of UK GDP Q1 shows a 0.3% quarterly rise, beating the 0.1% consensus, while the annualized figure rose from 0.2% to 0.6%, beating 0.3% expectations. The UK Index of Services rose from -0.2% to 0.1% but stayed below the 0.2% consensus.

The GBP/CHF is extending its 2-month highs. Above, there’s 1.4600 mark, 1.4867 (December high) and 1.5000 psychological level. On the downside, supports might be found at 1.4537 (February low) and 1.4475 (March low).

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