FXStreet (Edinburgh) – The pound is now accelerating its downside vs. the dollar, dragging GBP/USD to daily troughs in the 1.5375/70 band.
GBP/USD lower on USD-buying
The greenback is now gathering further traction vs. its G10 peers, sending spot back to the area of 1.5370, or 2-day lows. Spot is receding more than a big-figure since daily tops in the 1.5470/75 band in response to a better tone around USD, all ahead tomorrow’s key inflation releases in the UK economy.
Prior surveys expect UK consumer prices to come in flat on a year to August, while prices are expected to have advanced 0.2% on a monthly basis, up from the previous 0.2% drop.
GBP/USD levels to watch
As of writing the pair is down 0.25% at 1.5388 with the next support at 1.5363 (low Sep.14) ahead of 1.5338 (low Sep.10) and finally 1.5299 (low Sep.8). On the other hand, a breakout of 1.5473 (high Sep.14) would open the door to 1.5505 (high Aug.27) and then 1.5547 (high Aug.7).
(Market News Provided by FXstreet)