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Forex pairs in this Article » GBP/USD, EUR/GBP (London) - BBH Global Currency Strategy Team said Sterling had initially extended yesterday's recovery and traded near $1.4980 prior to the poor Industrial Production report and series of other negative UK data releases.

They explained that the Friday-Monday base just below $1.4860 has been penetrated and the year's low was set in March near $1.4830 and below that the $1.4780-$1.4800 area may offer the next level of support. They also note the euro is trading at four-month highs against sterling near GBP0.8660. The GBP 0.8600 area, which had been the upper end of a 3-4 month trading range, should now offer support. “GBP 0.8700 is the next immediate target, but given that the BOE is seen more likely to ease before the ECB, there may be potential toward GBP 0.8800”.
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