Back
11 Mar 2015
GBP/USD slumps to 1.4920
FXStreet (Edinburgh) - The sterling is following the rest of the risk-associated universe on Wednesday, with GBP/USD accelerating its decline below the 1.5000 handle.
GBP/USD multi-month lows
The pair dropped like a stone today, quickly leaving behind the psychological support at 1.5000 and trading in levels last seen in July 2013 near 1.4920 in a context dominated by the risk aversion. Collaborating with the GBP downside, MPC member Martin Weale argued that the pound could drop further due to the large UK’s balance of payments deficit.
In the data sphere, the GDP estimate by NIESR came in at 0.6% in the three months ended in February. Previously, Industrial and Manufacturing Production disappointed investors expanding less that forecasted during the month of January.
GBP/USD levels to watch
As of writing the pair is down 0.96% at 1.4926 with the next support at 1.4900 (psychological level) ahead of 1.4814 (2013 low Jul.9) and then 1.4803 (low Jun.23 2010). On the upside, a break above 1.5025 (low Mar.8) would expose 1.5077 (23.6% of 1.5554-1.4929) and finally 1.5108 (100-h MA).
GBP/USD multi-month lows
The pair dropped like a stone today, quickly leaving behind the psychological support at 1.5000 and trading in levels last seen in July 2013 near 1.4920 in a context dominated by the risk aversion. Collaborating with the GBP downside, MPC member Martin Weale argued that the pound could drop further due to the large UK’s balance of payments deficit.
In the data sphere, the GDP estimate by NIESR came in at 0.6% in the three months ended in February. Previously, Industrial and Manufacturing Production disappointed investors expanding less that forecasted during the month of January.
GBP/USD levels to watch
As of writing the pair is down 0.96% at 1.4926 with the next support at 1.4900 (psychological level) ahead of 1.4814 (2013 low Jul.9) and then 1.4803 (low Jun.23 2010). On the upside, a break above 1.5025 (low Mar.8) would expose 1.5077 (23.6% of 1.5554-1.4929) and finally 1.5108 (100-h MA).