Back
6 Jan 2015
GBP/USD hits fresh 17-month low
FXStreet (Córdoba) - GBP/USD fell to a fresh 17-month low as the pound weakened on the back of worse-than-expected UK services PMI, which fell to 55.8 versus 58.5 expected, following UK manufacturing and construction PMI misses and posting its lowest level in 19 months.
GBP/USD dropped back below the 1.52 mark and hit a low of 1.5175 before pausing the decline, although it remains within a touching distance of recent lows. At time of writing, Cable is trading at 1.5190, recording a 0.37% loss on the day.
GBP/USD technical outlook
“Indicators had corrected partially oversold readings before turning back lower, supporting a bearish continuation for the upcoming hours. The daily low stands at 1.5175, so downward accelerations through the level should signal a run towards the 1.5120/40 area, next intraday support”, said Valeria Bednarik, chief analyst at FXStreet. “Above 1.5210, the pair may attempt a recovery up to 1.5250, but it will take some steady advance above this latter to trigger a stronger upward corrective movement”.
GBP/USD dropped back below the 1.52 mark and hit a low of 1.5175 before pausing the decline, although it remains within a touching distance of recent lows. At time of writing, Cable is trading at 1.5190, recording a 0.37% loss on the day.
GBP/USD technical outlook
“Indicators had corrected partially oversold readings before turning back lower, supporting a bearish continuation for the upcoming hours. The daily low stands at 1.5175, so downward accelerations through the level should signal a run towards the 1.5120/40 area, next intraday support”, said Valeria Bednarik, chief analyst at FXStreet. “Above 1.5210, the pair may attempt a recovery up to 1.5250, but it will take some steady advance above this latter to trigger a stronger upward corrective movement”.