GBP/USD sinks to lows near 1.3380 on UK data

The Sterling is losing its shine on frid and is now forcing GBP/USD to recede to the area of session lows in the 1.3380 region.

GBP/USD offered post-data

Cable gathered further downside pressure after UK’s GDP figures showed the economy expanded 0.3% QoQ in the April-June period and 1.5% on an annualized basis (vs. 1.7% forecasted).

In addition, current account deficit rose more than expected to £23.2 billion during the same period while business investment, the BoE’s consumer credit, net lending to individuals and M4 money supply all came in on a positive note.

In the meantime, the pair has reverted yesterday’s advance and is now resuming the downside, re-focusing on recent lows in the 1.3345/40 band.

GBP/USD levels to consider

As of writing the pair is losing 0.45% at 1.3383 facing the next support at 1.3344 (low Sep.28) seconded by 1.3314 (21-day sma) and then 1.3262 (23.6% Fibo of the 2017 up move). On the upside, a break above 1.3469 (10-day sma) would open the door to 1.3517 (high Sep.26) and finally 1.3601 (2014-2017 downtrend).