7 Jul 2015
GBP/USD free-fall continues; now testing June 11 low of 1.5420
FXStreet (Barranquilla) - The British Pound is trading south against the US Dollar today as the Sterling is suffering the Euro’s drop below 1.1000. The GBP/USD is also under pressure following the weak UK manufacturing data.
Earlier in the day, the UK reported 0.6% drop in the UK manufacturing production in May; in yearly basis, UK manufacturing production reported a weak 1.0% increase , less than 1.8% expected by market.
The GBP/USD has fallen over 180 pips from 1.5600 so far on the day; Tuesday is the fourth negative day in the last 5 session. Since the first of July, the GBP/USD lost 300 pips and now it's trading below the 200-days MA of 1.5450.
Currently, GBP/USD is trading at 1.5435, down 1.09% on the day, having posted a daily high at 1.5611 and low at 1.5422. The hourly FXStreet OB/OS Index is showing extremely oversold conditions, alongside the FXStreet Trend Index which is slightly bearish.
GBP/USD Levels
If the pair extends its decline below 1.5420, it will find supports at 1.5400, 1.5380 and 1.5360. To the upside, resistances are at 1.5460, 1.5500 and 1.5520.
Earlier in the day, the UK reported 0.6% drop in the UK manufacturing production in May; in yearly basis, UK manufacturing production reported a weak 1.0% increase , less than 1.8% expected by market.
The GBP/USD has fallen over 180 pips from 1.5600 so far on the day; Tuesday is the fourth negative day in the last 5 session. Since the first of July, the GBP/USD lost 300 pips and now it's trading below the 200-days MA of 1.5450.
Currently, GBP/USD is trading at 1.5435, down 1.09% on the day, having posted a daily high at 1.5611 and low at 1.5422. The hourly FXStreet OB/OS Index is showing extremely oversold conditions, alongside the FXStreet Trend Index which is slightly bearish.
GBP/USD Levels
If the pair extends its decline below 1.5420, it will find supports at 1.5400, 1.5380 and 1.5360. To the upside, resistances are at 1.5460, 1.5500 and 1.5520.