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1 Apr 2014
GBP/USD extends the decline to 1.6630
FXStreet (Edinburgh) - The offered tone is now intensifying around the sterling, dragging the GBP/USD to session lows near 1.6630.
GBP/USD hurt by data
The poor result from March’s manufacturing PMI released today (55.3 act. vs. 56.7 exp.) added to Monday’s set of disappointing data from BoE’s mortgage figures and consumer credit, pushing spot from recent highs around 1.6680 to current levels. “GBP-USD is expected to remain mixed, bounded by 1.6600 down south and with 1.6700 likely to serve as a near term resistance”, noted Emmanuel Ng, Strategist at OCBC Bank. Ahead in the week, the next relevant release would be house prices gauged by Nationwide (Wednesday) and the more significant Services PMI (Thursday).
GBP/USD levels to consider
As of writing the pair is retreating 0.14% at 1.6638 and a breakdown of 1.6613 (low Mar.31) would open the door to 1.6599 (low Mar.28). On the flip side, the initial hurdle aligns at 1.6719 (high Mar.13) followed by 1.6745 (high Mar.10) and finally 1.6800 (psychological level).
GBP/USD hurt by data
The poor result from March’s manufacturing PMI released today (55.3 act. vs. 56.7 exp.) added to Monday’s set of disappointing data from BoE’s mortgage figures and consumer credit, pushing spot from recent highs around 1.6680 to current levels. “GBP-USD is expected to remain mixed, bounded by 1.6600 down south and with 1.6700 likely to serve as a near term resistance”, noted Emmanuel Ng, Strategist at OCBC Bank. Ahead in the week, the next relevant release would be house prices gauged by Nationwide (Wednesday) and the more significant Services PMI (Thursday).
GBP/USD levels to consider
As of writing the pair is retreating 0.14% at 1.6638 and a breakdown of 1.6613 (low Mar.31) would open the door to 1.6599 (low Mar.28). On the flip side, the initial hurdle aligns at 1.6719 (high Mar.13) followed by 1.6745 (high Mar.10) and finally 1.6800 (psychological level).