FXStreet (Mumbai) – The British pound remains in the red versus the US dollar in the European morning, with GBP/USD miring near fresh session lows.
GBP/USD drops from 1.5462
The GBP/USD pair trades -.015% lower at fresh session lows of 1.5421, unable to extend beyond 1.5470 levels. The cable came under renewed selling pressure this session after softer inflation expectations print and awful construction output data dampened the sentiment around the pound.
The latest inflation expectation data from the BOE and GFK printed at 2%, as opposed to a reading of 2.2% booked previously. Whilst the output in the UK construction sector declined 1% between June and July, down from growth of 0.9% a month before, and fell 0.7% over the year to July. The annual reading was the weakest since May 2013.
The recent spate of downbeat UK data releases continue to cast a doubt over the BOE’s outlook on the interest rates, weighing further on the major.
Meanwhile, the pair is likely to be influenced by a set of US macro data to be reported later in the New York session.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5462 (Today’s High) above which gains could be extended to 1.5509 (Aug 27 High) levels. On the flip side, support is seen at 1.5400 below which it could extend losses to 1.5368 (Aug 27 Low) levels.
(Market News Provided by FXstreet)