FXStreet (Edinburgh) – The pound is intensifying its downside at the beginning of the week, dragging GBP/USD to test fresh lows near 1.5170.
GBP/USD in 4-week lows
The pound is retreating for the third consecutive week so far, trading in levels last seen in early May around 1.5170/80. Poor manufacturing PMI print in the UK economy weighed on GBP during the European morning, while a better-than-expected US ISM Manufacturing in April gave the greenback extra legs, confining spot to multi-week troughs.
Ahead in the week, the always relevant Services PMI ahead of the BoE monetary policy meeting will be in the limelight.
GBP/USD levels to consider
As of writing the pair is down 0.69% at 1.5184 facing the next support at 1.5170 (low Jun.1) ahead of 1.5167 (100-d MA) and finally 1.5150 (low May 6). On the flip side, a breakout of 1.5305 (high Jun.1) would open the door to 1.5343 (high May 29) and then 1.5400 (psychological level).
(Market News Provided by FXstreet)