9 Jul 2013
GBP/USD keeps falling, eyes on 1.4832
FXstreet.com (Barcelona) - The pound is accelerating its intraday downside on Tuesday, rapidly dragging the GBP/USD to fresh intraday lows around 1.4850 after poor data from the UK industrial and external sectors.
GBP/USD trimming weekly gains
The pair is now on its way to test 2013 lows at 1.4832 after the industrial and manufacturing production disappointed investors in May alongside a higher trade deficit during the same period. Against the backdrop of renewed weakness surrounding the sterling, Ross Burland, Analyst at FXstreet.com, commented, “We have seen lower levels justified before, only to be reversed in a relatively short period of time when short term and positive data releases had surprised to the upside and gave the bulls an excuse to step back in while the market seemed perfectly happy to put the longer term fundamentals aside”.
GBP/USD levels to watch
As of writing the pair is down 0.70% at 1.4847 with the next support at 1.4832 (2013 low Mar.12) ahead of 1.4803 (low Jun.23 2010). On the flip side, a breakout of 1.4980 (high Jul.9) would target 1.500 (psychological level) en route to 1.5077 (high Jul.5).
GBP/USD trimming weekly gains
The pair is now on its way to test 2013 lows at 1.4832 after the industrial and manufacturing production disappointed investors in May alongside a higher trade deficit during the same period. Against the backdrop of renewed weakness surrounding the sterling, Ross Burland, Analyst at FXstreet.com, commented, “We have seen lower levels justified before, only to be reversed in a relatively short period of time when short term and positive data releases had surprised to the upside and gave the bulls an excuse to step back in while the market seemed perfectly happy to put the longer term fundamentals aside”.
GBP/USD levels to watch
As of writing the pair is down 0.70% at 1.4847 with the next support at 1.4832 (2013 low Mar.12) ahead of 1.4803 (low Jun.23 2010). On the flip side, a breakout of 1.4980 (high Jul.9) would target 1.500 (psychological level) en route to 1.5077 (high Jul.5).