FXStreet (Edinburgh) – The pound’s decline seems to have found support around the 1.5270 area on Wednesday, after GBP/USD traded a big-figure higher pre-European open.
GBP/USD lower on data, sentiment
The better sentiment towards the US dollar has been weighing on the spot since early trade today following diminishing optimism around the EU-Greece agreement. In addition, a poor print from the key UK’s Services PMI during the last month has impacted on the pound, prompting spot to retrace part of the recent sharp upside.
Next of relevance in the pair will be the US ADP report. Consensus sees the US private sector to have added 200K jobs during May, vs. 169K previous.
GBP/USD levels to consider
The pair is now losing 0.46% at 1.5275 and a breakdown of 1.5254 (low Jun.3) would open the door to 1.5181 (low Jun.2) and then 1.5170 (low Jun.1). On the other hand, the initial up barrier aligns at 1.5375 (high Jun.3) followed by 1.5400 (psychological level) and finally 1.5430 (Tenkan Sen).
(Market News Provided by FXstreet)