GBP/USD posts 3-month lows

Ani Salama FXStreet

FXStreet (CÃ³rdoba) - GBP/USD extended the decline and posted a fresh 3-month low at the beginning of the American session as the pound continues to underperform on the back of disappointing manufacturing data with UK investors rejoining after the bank holiday.

GBP/USD failed to consolidate above the 1.54 mark and came under renewed pressure, losing about a hundred pips and sliding to 1.5303, its lowest since Jun 9 in recent dealings. At time of writing, the pair is trading at 1.5319, 0.14% below its opening price.

Focus now shifts to the upcoming set of US ISM manufacturing PMI reading which may set the tone for markets.

GBP/USD technical levels

In terms of technical levels, next supports could be found at 1.5303 (Sep 1 low), 1.5256 (Jun 9 low) and 1.5220 (Jun 8 low). On the other hand, resistances line up at 1.5364 (200-day SMA), 1.5442 (Aug 28 high) and 1.5487 (100-day SMA).

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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