GBP/USD drops below 1.5500

Ani Salama FXStreet

FXStreet (Córdoba) - GBP/USD extended losses to fresh 2-week lows as the pound continued to weaken following a poll that showed inflation expectations fell in August.

UK 1-year CPI inflation expectations poll from YouGov showed a decline to 1.4% from 1.6% in July, raising speculation the Bank of England may have to wait longer before raising rates. GBP/USD fell below the 1.55 mark and hit its lowest level since Aug 10 at 1.5498 in recent dealings.

GBP/USD levels to watch

At time of writing, Cable is trading at 1.5503, recording a 1.16% loss on the day. On the downside, a clear break below 1.5500 will pave the way towards 1.5462 (100-day SMA) and 1.5423 (Aug 7 low). On the other hand, resistances are seen at 1.5611 (21-day SMA) and 1.5719 (Aug 26 high).

Author

Ani Salama

FXStreet

Ani Salama is an Economist specialized in financial markets and statistics analysis. In 2010, she joined FXstreet where she now contributes with the news section.

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