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19 May 2015
GBP/USD drops to 1.5520
FXStreet (Edinburgh) - The offered tone is gathering traction around the pound, with GBP/USD now testing fresh lows in the 1.5525/20 area.
GBP/USD softer on dollar, data
The better performance of the US dollar continues to hurt the risk-associated assets on Tuesday, relegating spot to weekly lows and deepening the correction from last week’s peaks beyond 1.5800 the figure.
Adding to the downside, consumer prices in the UK economy came in below expectations during April, contracting 0.1% on a yearly basis while the Core print rose 0.8% YoY vs. 1.0% expected.
GBP/USD levels to watch
At the moment the pair is retreating 0.85% at 1.5520 facing the next support at 1.5500 (psychological level) ahead of 1.5498 (high Apr.29) and finally 1.5452 (50% of 1.5088-1.5815). On the other hand, a breakout of 1.5596 (200-d MA) would aim for 1.5600 (psychological level) and then 1.5745 (high May 18).
GBP/USD softer on dollar, data
The better performance of the US dollar continues to hurt the risk-associated assets on Tuesday, relegating spot to weekly lows and deepening the correction from last week’s peaks beyond 1.5800 the figure.
Adding to the downside, consumer prices in the UK economy came in below expectations during April, contracting 0.1% on a yearly basis while the Core print rose 0.8% YoY vs. 1.0% expected.
GBP/USD levels to watch
At the moment the pair is retreating 0.85% at 1.5520 facing the next support at 1.5500 (psychological level) ahead of 1.5498 (high Apr.29) and finally 1.5452 (50% of 1.5088-1.5815). On the other hand, a breakout of 1.5596 (200-d MA) would aim for 1.5600 (psychological level) and then 1.5745 (high May 18).