FXStreet (Edinburgh) – The selling pressure around the sterling is now gathering further traction, sending GBP/USD to test daily lows in the mid-1.5400s.
GBP/USD in 4-day lows
Spot is extending its weekly decline towards the 1.5450 area today against the backdrop of a generalized context of USD-strength. The pair continues to trade lower after last week’s rejection around the key resistance area at 1.5660, as market participants keep assessing the potential timing of a rates lift-off by the Federal Reserve.
In the data space, UK’s Public Sector Net Borrowing has widened to £11.30 billion, surpassing expectations at £8.65 billion. Across the pond, the Richmond Fed manufacturing index and the speech by Atlanta Fed D.Lockhart will be the main highlights.
GBP/USD significant levels
As of writing the pair is down 0.38% at 1.5448 and a breakdown of 1.5373 (low Sep.14) would aim for 1.5330 (low Sep.16) and finally 1.5299 (low Sep.8). On the flip side, the next up barrier lines up at 1.5569 (high Sep.21) ahead of 1.5660 (high Sep.18) and then 1.5717 (high Aug.26).
(Market News Provided by FXstreet)