GBP/USD: Trips Stops Below 1.9510 on Strong US Q4 GDP

Tripped stops below 1.9510 have helped depress cable to a fresh 19-day low of 1.9483 following the better-than-expected advance estimate of US annualized Q4 GDP. This came in at 3.5%, compared to the 3.0% forecast. 1.9510 was a 61.8% Fibo retracement point of the ascent from 1.9260 (Jan 8 low) to 1.9917 (last week's 15-year high). It is now a rebound resistance level. 1.9427 (Jan 12 low), 1.9400, and 1.9390 (Jan 11, post-UK rate hike low) are among bear targets south of 1.9483.