FXStreet (Mumbai) – The offered tone on the GBP pushed the GBP/USD pair to a fresh session low below 1.52 levels ahead of the critical personal spending report in the US.
Weaker-than-expected PMI weighs over Pound
A minor recovery in the GBP/USD pair to 1.5221 levels could not last long as investors continue to sell Pounds on the back of a weaker-than-expected manufacturing PMI print in the UK. The benchmark 10-year bond yield also favors the strength in the USD. The 10-year gilt yield in the UK rose 1.5 basis points, while the 10-year treasury yield rose 3.5 basis points.
Ahead in the day, the yield spread could wide/contract depending on the personal income and spending report in the US.
GBP/USD Technical Levels
The immediate resistance is located at 1.5235, above which the pair could re-test 1.5260 levels. On the flip side, a break below 1.5190 could drive the pair lower to 1.5148 levels.
(Market News Provided by FXstreet)