FXStreet (Mumbai) – GBP/USD extends its consolidation into the early European trades, having faced renewed selling-pressure in the recent dealings.
GBP/USD pressured by dovish BOE
The GBP/USD pair trades -0.08% lower at fresh four week lows of 1.5196, halting its tepid recovery near 1.5220 region. The major keeps pushing lower and now is poised to test 1.52 barrier, with yesterday’s BOE QIR still weighing on investors’ minds.
The upcoming UK industrial and manufacturing production data for Sept are expected to tick lower, which also keeps the sentiment around the cable depressed.
Moreover, markets remain wary and resort to repositioning ahead of the key US jobs data, driving the GBP/USD pair lower. All eyes are set on the US labor market data for October due later today, with the payrolls expected to show a 182,000 jobs increase, up from 142,000 in Sept.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5220 (daily highs), above which 1.5270 (daily pivot) would be tested. On the flip side, support is seen at 1.5160 (Sept 4 Low) below which it could extend losses to 1.5138 (daily S1).
(Market News Provided by FXstreet)