Wednesday, September 9, 2015

GBP/USD drops to 1.5360 post-UK data

FXStreet (Edinburgh) - The sterling is now losing the grip vs. dollar, pushing GBP/USD to challenge the area of daily lows in the 1.5370/60 band.

GBP/USD weaker after releases

Spot remains on the soft side today after Industrial and Manufacturing Production in the UK economy have disappointed investors during July, contracting 0.4% and 0.8% on a monthly basis, respectively. In addition, UK’s trade deficit has widened to £11.08 billion during the same period, missing forecasts and lower than June’s print.

Next on tap for the pair will be the NIESR GDP Estimate, which expects the economy to have expanded 0.6% in the three months ended in August.

GBP/USD levels to watch

As of writing the pair is down 0.27% at 1.5356 and a breach of 1.5270 (low Sep.8) would open the door to 1.5150 (low May 6) and finally 1.5089 (low May 5). On the upside, the next barrier lines up at 1.5406 (high Sep.8) ahead of 1.5437 (high Aug.31) and then 1.5505 (high Aug.27).
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