GBP/USD plummets to 1.4600, session lows

Pablo Piovano FXStreet

The sterling has come under renewed selling pressure on Tuesday, dragging GBP/USD to fresh lows in the vicinity of 1.4600 the figure.

GBP/USD upside capped near 1.4720

Spot has surrendered over a cent since overnight tops around 1.4720, coming back to the 1.4600 region following rebalancing month-end flows and some sort of recovery of the US dollar.

Ahead in the session, US inflation figures tracked by the PCE are due later, seconded by Personal Income/Spending and CB’s Consumer Confidence. In the UK docket, the next event will be the Manufacturing PMI due tomorrow.

GBP/USD levels to consider

As of writing the pair is losing 0.19% at 1.4613 and a breakdown of 1.4522 (20-day sma) would aim for 1.4397 (55-day sma) and finally 1.4330 (low May 16). On the flip side, the next hurdle aligns at 1.4739 (high May 26) ahead of 1.4755 (200-day sma) and then 1.4770 (high May 3).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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