9 May 2014
GBP/USD accelerates the decline
FXStreet (Edinburgh) - The selling interest is building up around the pound on Friday, pushing the GBP/USD to challenge weekly lows in the mid-1.6800s.
GBP/USD down from ytd peaks
Mixed bag from the UK economy passed almost unnoticed for GBP traders this morning in Europe, focusing instead on cashing up the recent strong gains. “We would not want to exaggerate the weakness of today's data. Manufacturing itself actually increased more than expected. The 0.5% increase compares with a consensus forecast of 0.3%. And the March trade deficit was smaller than expected. It is not so much that sterling was sold off; it is more than there did not seem to be a compelling reason to buy it”, assessed analysts at BBH Global Currency Strategy Team.
GBP/USD levels to watch
As of writing the pair is down 0.53% at 1.6842 with the next support at 1.6821 (low May 2) ahead of 1.6805 (low Apr.30) and finally 1.6792 (low Apr. 29). On the flip side, a breakout of 1.6975 (high May 8) would open the door to 1.6986 (high May 7) and then 1.6997 (2014 high May 6).
GBP/USD down from ytd peaks
Mixed bag from the UK economy passed almost unnoticed for GBP traders this morning in Europe, focusing instead on cashing up the recent strong gains. “We would not want to exaggerate the weakness of today's data. Manufacturing itself actually increased more than expected. The 0.5% increase compares with a consensus forecast of 0.3%. And the March trade deficit was smaller than expected. It is not so much that sterling was sold off; it is more than there did not seem to be a compelling reason to buy it”, assessed analysts at BBH Global Currency Strategy Team.
GBP/USD levels to watch
As of writing the pair is down 0.53% at 1.6842 with the next support at 1.6821 (low May 2) ahead of 1.6805 (low Apr.30) and finally 1.6792 (low Apr. 29). On the flip side, a breakout of 1.6975 (high May 8) would open the door to 1.6986 (high May 7) and then 1.6997 (2014 high May 6).