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23 Jan 2015
GBP/USD extends below 1.500
FXStreet (Edinburgh) - The pound keeps following its European peer southwards, with GBP/USD breaching the psychological 1.5000 handle.
GBP/USD weaker ahead of UK data
Spot is back to levels last traded in July 2013 around 1.4980/75 as the bearish tone in the risk-on space continues to gather steam. The pound has already been hit earlier on this week following the unanimous vote from the BoE in order to leave the status quo in the UK monetary policy. Fanning the flames, the ECB surprised investors by launching a larger than expected QE programme to kick in in March, adding downside pressure to the riskier assets.
Next of note in the British economy will be December’s Retail Sales, expected to have contracted 0.6% inter-month.
GBP/USD significant levels
The pair is losing 0.17% at 1.4980 and a breach of 1.1238 (low Sep.19 2003) would aim for 1.1227 (low Sep.18 2003) and then 1.1212 (61.8% of 0.8228-1.6040). On the upside, the initial hurdle aligns at 1.1376 (high Jan.23) ahead of 1.1393 (hourly high Jan.22) and then 1.1432 (hourly high Jan.22).
GBP/USD weaker ahead of UK data
Spot is back to levels last traded in July 2013 around 1.4980/75 as the bearish tone in the risk-on space continues to gather steam. The pound has already been hit earlier on this week following the unanimous vote from the BoE in order to leave the status quo in the UK monetary policy. Fanning the flames, the ECB surprised investors by launching a larger than expected QE programme to kick in in March, adding downside pressure to the riskier assets.
Next of note in the British economy will be December’s Retail Sales, expected to have contracted 0.6% inter-month.
GBP/USD significant levels
The pair is losing 0.17% at 1.4980 and a breach of 1.1238 (low Sep.19 2003) would aim for 1.1227 (low Sep.18 2003) and then 1.1212 (61.8% of 0.8228-1.6040). On the upside, the initial hurdle aligns at 1.1376 (high Jan.23) ahead of 1.1393 (hourly high Jan.22) and then 1.1432 (hourly high Jan.22).