The British Pound have just hit a fresh 3-month low against the greenback at 1.5309, following the release of poor UK data.
In Britain, the August Markit Manufacturing PMI slipped to 51.5, against expectations of another advance up to 52.0, whilst the Consumer Credit in July shrunk to £1.173B from its previous £1.22B. Mortgage approvals rose to near 69K, all of which suggests that the economic growth may get a set back during the second quarter.
The bearish trend remains firm in place, and the pair has now scope to test the 1.5250 region, a strong long term static support level. Technically, the 4 hours chart shows that the price has been rejected from a strongly bearish 20 SMA, currently around 1.5400, whilst the technical indicators have resumed their declines below their mid-lines. Daily basis, the pair has set a lower low and a lower high, supporting the ongoing negative tone, albeit the day is not over yet.
Nevertheless, a break below the 1.5300 level should see a test of the mentioned 1.5250 price zone, whilst below this last, 1.5220 is the next short term support. Above 1.5360, the pair may retest the 1.5400 level, where selling interest is expected to resume.
View the live chart of the GBP/USD
Recommended Content
Editors’ Picks
EUR/USD trades weak below 1.0800 amid Good Friday lull, ahead of US PCE
EUR/USD continues its downward trend for the fourth consecutive day, driven by a stronger US Dollar influenced by the hawkish market sentiment surrounding the Federal Reserve and expectations of prolonged higher interest rates.
GBP/USD: The first downside target is seen at the 1.2600–1.2605 zone
GBP/USD trades on a weaker note around 1.2620 during the early European session on Friday. The decline of Pound Sterling is backed by the growing speculation that the Bank of England will begin the rate-cut cycle this year.
Gold ends Q1 2024 at record highs, what’s next?
Gold is sitting at an all-time high of $2,236, lacking a trading impetus amid holiday-thinned conditions on Good Friday. Most major world markets, including the United States are closed in observance of Holy Friday, leaving volatility around Gold price highly subdued.
Ripple's move above this key level could trigger nearly 50% rally for XRP
Ripple price has overcome a critical resistance level and flipped into a support floor on the weekly time frame. This development happened while XRP tightly consolidated for roughly 250 days.
US core PCE inflation set to ease in February on month as Federal Reserve rate cut bets for June mount
The core Personal Consumption Expenditures Price Index is set to rise 0.3% MoM and 2.8% YoY in February. The revised Summary of Projections showed that policymakers upwardly revised end-2024 core PCE forecast to 2.6% from 2.4%.