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4 Sep 2015
GBP/USD recovers from fresh 3-month lows, near 1.5235
FXStreet (Mumbai) - The pound battering versus the US dollar extended for the tenth straight session on Friday, with GBP/USD trying to find a floor near fresh three-month lows ahead of the key US NFP data due later in the NA session.
GBP/USD faces stiff hurdle at 1.5260
The GBP/USD pair trades -0.16% lower at 1.5234, bouncing-off fresh multi-month lows reached at 1.5214. The cable trimmed losses and attempts recovery towards 1.5300 levels, but in vain as sterling remains pressured with traders still digesting the recent series of weak UK fundamentals.
The GBP/USD pair dropped in the previous session, dragged down after activity in the UK services sector slowed down to a 27-month low. Markit's services PMI came in at 55.6 points in August, following the 57.4 seen previously.
Since the beginning of the week sterling has fallen 1%, or 200 pips, mostly on the back of a set of disappointing UK data, including services, construction and manufacturing data all coming in below estimates.
Amid a data-light EUR calendar, focus now shifts to the upcoming US payrolls data which may have major impact on the USD moves.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5314 (Today’s High) above which gains could be extended to 1.5408 (Sept 1 High) levels. On the flip side, support is seen at 1.5214 (Today’s Low) below which it could extend losses to 1.5188 (June 5 Low) levels.
GBP/USD faces stiff hurdle at 1.5260
The GBP/USD pair trades -0.16% lower at 1.5234, bouncing-off fresh multi-month lows reached at 1.5214. The cable trimmed losses and attempts recovery towards 1.5300 levels, but in vain as sterling remains pressured with traders still digesting the recent series of weak UK fundamentals.
The GBP/USD pair dropped in the previous session, dragged down after activity in the UK services sector slowed down to a 27-month low. Markit's services PMI came in at 55.6 points in August, following the 57.4 seen previously.
Since the beginning of the week sterling has fallen 1%, or 200 pips, mostly on the back of a set of disappointing UK data, including services, construction and manufacturing data all coming in below estimates.
Amid a data-light EUR calendar, focus now shifts to the upcoming US payrolls data which may have major impact on the USD moves.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5314 (Today’s High) above which gains could be extended to 1.5408 (Sept 1 High) levels. On the flip side, support is seen at 1.5214 (Today’s Low) below which it could extend losses to 1.5188 (June 5 Low) levels.