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
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