Wednesday, September 23, 2015

GBP/USD in fresh lows sub-1.5300

FXStreet (Edinburgh) - The offered tone around the sterling keeps gaining traction on Wednesday, now dragging GBP/USD to fresh lows in the 1.5290 area.

GBP/USD in 2-week lows, breaks below 200d-sma

The pair is extending its deep correction lower from last week’s tops around the key resistance area at 1.5660/70, currently navigating levels last seen in early September and putting further distance from the recently broken 1.5350 area, where sits the key 200-day sma.

Spot is also deriving selling pressure via the upbeat tone around EUR/GBP despite the generalized softer results from German and EMU PMIs during the current month. Ahead in the session, BoE’s Deputy Governor Ben Broadbent will give a speech on the UK labour market.

GBP/USD significant levels

As of writing the pair is down 0.43% at 1.5298 and a breakdown of 1.5264 (low Sep.2) would open the door to 1.5219 (low Sep.3) and then 1.5171 (low Sep.7). On the flip side, the next up barrier lines up at 1.5369 (high Sep.23) ahead of 1.5521 (high Sep.22) and then 1.5568 (high Sep.21).
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