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Forex pairs in this Article » GBP/USD (Edinburgh) - The sterling is intensifying its depreciation on Thursday, dragging the GBP/USD to multi-day lows below 1.6500 the figure.

GBP/USD weakens towards 1.6450

Spot is now giving ground to the mid 1.64 area as selling pressure is gathering steam after poor data from the UK docket: M4 Money Supply contracted at a monthly pace of 1.4% in December, Mortgage Approvals missed estimates at 71.638K vs. 73.0K. On the upside note, Net Lending to Individuals rose to £2.3 billion from £1.5 billion in November. “The UK recovery continues, with above-potential growth rates through the final three quarters of 2013, and likely more to come in 2014. The pace of improvement in the labour market has surprised everyone, and in particular the Bank of England. With the end of forward guidance, the BoE is attempting to put the focus on a broader array of labour market indicators…” noted Richard Kelly, Head of European Rates and FX Research at TD Securities.

GBP/USD levels to watch

At the moment the pair is losing 0.58% at 1.6457 with the next support at 1.6446 (61.8% of 1.6309-1.6666) followed by 1.6400 (low Jan.21) and then 1.6396 (low Jan.20). On the upside, a surpass of 1.6565 (high Jan.30) would expose 1.6606 (high Jan.29).
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