FXStreet (Córdoba) – GBP/USD has been falling constantly during the last eight hours and recently bottomed at 1.5348, hitting the lowest level since last Thursday. Greenback gained momentum against European currencies during the last hours.
GBP/USD losing momentum
The pair earlier approached the 1.5460/80 area that capped the upside last week, boosted after inflation numbers from the United Kingdom but then reversed and quickly erased gains. After breaking below 1.5398 (previous daily low), accelerated the decline.
Currently it trades at 1.5355, down 75 pips from yesterday’s closing price and it has approached 1.5335/40 (Sept 10 low); if it breaks below it would be trading at the lowest in a week and under an important support area.
After CPI, jobs and the Fed
Today US economic data had little impact on the forex market. Tomorrow in the UK employment number will be release and the pound could be affected. But most of the expectation lies on the Federal Reserve that on Thursday will announce its decision on monetary policy.
(Market News Provided by FXstreet)