FXstreet.com (Barcelona) - The sterling is quickly losing ground against the greenback on Tuesday, as we get closer to the release of the industrial and manufacturing production in the British economy. Expectations are calling for further contractions to -5.0% and -5.6% over the last twelve months, respectively, confirming that the recession is far from over in the UK.

In the data front, the NIESR GDP estimate is also due, adding extra pressure to the pound. Recall that last reading was at -0.2%.

At the moment, the cross is retreating 0.19% at 1.5572 facing the next support at 1.5547 (low Aug.6) ahead of 1.5506 (low Aug.3) then 1.5490 (low Aug.2) and 1.5458 (low Jul.26).
On the upside, a breakout of 1.5666 (high Aug.6) would expose 1.5680 (high Aug.2) then 1.5691 (high Aug.1) and 1.5730 (high Jul.31).