GBP/USD sinks to lows near 1.2420

The selling pressure around the Sterling keeps gathering traction on Friday, now sending GBP/USD to the area of daily lows near 1.2420.

GBP/USD offered on Carney, data

Spot gained extra downside pressure after Governor M.Carney hinted at the possibility of a ‘hard Brexit’ scenario at his speech today, adding that he is not looking for a separate UK-EU financial services deal under Brexit.

GBP came under renewed pressure after Industrial Production and Manufacturing Production have come in short of expectations during February, contracting at a monthly 0.7% and 0.1%, respectively.

Cable has tumbled to fresh weekly lows near 1.2420, where sit the 20- and 100-day sma ahead of US Non-farm Payrolls, with market consensus hovering over 180K for the month of March.

GBP/USD levels to consider

As of writing the pair is losing 0.34% at 1.2426 and a breakdown of 1.2375 (low Mar.29) would open the door to 1.2362 (50% Fibo of the March up move) and then 1.2302 (61.8% Fibo of the March up move). On the upside, the next resistance is located at 1.2556 (high Apr.3) followed by 1.2598 (high Mar.28) and finally 1.2562 (high Mar.31).