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GBP/USD weaker, tumbles to lows near 1.2450

AG Markets

The selling pressure around the British Pound is picking up further pace today, relegating GBP/USD to test fresh daily lows in the mid-1.2400s.

GBP/USD softer after UK data

The pair met increasing downside pressure after inflation figures in the UK economy have risen less than initially estimated during January, up 1.8% over the last twelve months vs. 1.9% forecasted. The results, however, showed the uptrend in prices remains intact since October 2016.

Later in the session, Cable should remain under pressure from the USD side, in light of the first testimony by Chief Yellen before the Senate Banking Committee (the second testimony is due tomorrow) along with other speeches by FOMC governors.

In the meantime, spot has eroded yesterday’s gains and keeps alive the sideline pattern seen in the last couple of weeks, looking to consolidate the drop from early February highs above the 1.2700 handle.

GBP/USD levels to consider

As of writing the pair is losing 0.43% at 1.2471 facing the immediate support at 1.2436 (low Feb.10) followed by 1.2344 (low Feb.7) and finally 1.2250 (low Jan.19). On the flip side, a breakout of 1.2572 (high Feb.7) would open the door to 1.2680 (high Jan.26) and finally 1.2715 (high Feb.2).

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Source: https://www.ag-markets.com/news/
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