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Forex pairs in this Article » GBP/USD (Edinburgh) - The bearishness surrounding the sterling is sharpening on Friday, with the GBP/USD now testing 3-month lows around 1.4960.

GBP/USD heading towards 2013 lows at 1.4831

The pair is falling for the third consecutive week so far after failing to follow through the area of 1.5750 twice during June. Regarding yesterday’s BoE’s statement, Derek Halpenny, European Head of Global Markets Research, noted, “the statement allowed the market to continue with trading the view that the MPC under Mark Carney will be more aggressive. Although this initial sell-off may be overdone it certainly points to the pound drifting lower, well into the 1.40s over the coming months”.

GBP/USD key levels

As of writing the pair is retreating 0.65% at 1.4974 with the next support at 1.4970 (low Jul.5) followed by 1.4915 (low Mar.14) and finally 1.4892 (low Mar.13). On the flip side, a breakout of 1.5238 (MA10d) would target 1.5305 (high Jul.3) en route to 1.5346 (high Jun.27).
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