GBPUSD drops to lows near 1.2430 on UK data

The British Pound is now losing further ground vs. the buck, dragging GBP/USD to fresh daily lows in the 1.2430 region.

GBP/USD weaker post-data

The pair met extra downside pressure after UK’s Industrial Production contracted at a monthly 0.7% inter-month in February, while Manufacturing Production dropped 0.1% MoM, both prints coming in below initial estimates.

Further data saw the UK’s trade deficit widening to nearly £12.5 billion during the same period, also missing consensus, and Construction Output has contracted 1.7% on a monthly basis.

GBP/USD levels to consider

As of writing the pair is down 0.27% at 1.2435 and a breakdown of 1.2427 (20-day sma) would expose 1.2375 (low Mar.29) and then 1.2362 (50% Fibo of the March up move). On the other hand, the next hurdle aligns at 1.2556 (high Apr.3) followed by 1.2598 (high Mar.28) and finally 1.2562 (high Mar.31).