4 Aug 2015
GBP/USD testing lows near 1.5580
FXStreet (Edinburgh) - The sterling is now losing the grip vs. the US dollar, dragging GBP/USD to challenge daily lows in the 1.5580 area.
GBP/USD weaker post-PMI
The pair extended its drop below the 1.5600 handle after the Construction PMI in the UK economy fell to 57.1 during July, down from June’s 58.1. Previously, housing prices tracked by Nationwide rose 0.4% inter-month in July and 3.5% over the last twelve months, matching expectations.
Key week ahead for the pound, as the BoE will publish its minutes followed by the critical Quarterly Inflation Report and the speech by Governor M.Carney. Further data will see Industrial/Manufacturing Production, Markit’s Services PMI and June’s Trade Balance figures.
GBP/USD levels to watch
As of writing the pair is up 0.02% at 1.5590 with the next hurdle at 1.5645 (high Aug.3) followed by 1.5678 (high Jul.31) and then 1.5690 (high Jul.29). On the other hand, a breach of 1.5565 (low Aug.3) would expose 1.5549 (low Jul.31) and finally 1.5528 (low Jul.28).
GBP/USD weaker post-PMI
The pair extended its drop below the 1.5600 handle after the Construction PMI in the UK economy fell to 57.1 during July, down from June’s 58.1. Previously, housing prices tracked by Nationwide rose 0.4% inter-month in July and 3.5% over the last twelve months, matching expectations.
Key week ahead for the pound, as the BoE will publish its minutes followed by the critical Quarterly Inflation Report and the speech by Governor M.Carney. Further data will see Industrial/Manufacturing Production, Markit’s Services PMI and June’s Trade Balance figures.
GBP/USD levels to watch
As of writing the pair is up 0.02% at 1.5590 with the next hurdle at 1.5645 (high Aug.3) followed by 1.5678 (high Jul.31) and then 1.5690 (high Jul.29). On the other hand, a breach of 1.5565 (low Aug.3) would expose 1.5549 (low Jul.31) and finally 1.5528 (low Jul.28).