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21 Aug 2015
GBP/USD debilitates to 1.5680
FXStreet (Edinburgh) - The sterling is posting marginal losses vs. the greenback on Friday, with GBP/USD re-visiting session lows in the 1.5680.
GBP/USD capped around 1.5720
The upside in GBP seems to have run out of steam around 1.5720, or multi-week tops, fuelled by the generalized offered tone surrounding the dollar and increasing expectations of a rate hike by the BoE sooner than market currently estimates.
In the data space, UK’s Public Sector Net Borrowing came in at 32.07 billion vs. £2.40 billion initially anticipated. In the US, Markit’s manufacturing PMI is due later, with consensus pointing to a slight improvement to 54.0 for the current month vs. July’s 53.8.
GBP/USD levels to watch
As of writing, the pair is losing 0.06% at 1.5678 facing the next support at 1.5635 (low Aug.19) followed by 1.5606 (low Aug.20) and then 1.5588 (low Aug.14). On the flip side, a break above 1.5725 (high Aug.21) would open the door to 1.5770 (high Jun.25) and finally 1.5789 (high Jun.29).
GBP/USD capped around 1.5720
The upside in GBP seems to have run out of steam around 1.5720, or multi-week tops, fuelled by the generalized offered tone surrounding the dollar and increasing expectations of a rate hike by the BoE sooner than market currently estimates.
In the data space, UK’s Public Sector Net Borrowing came in at 32.07 billion vs. £2.40 billion initially anticipated. In the US, Markit’s manufacturing PMI is due later, with consensus pointing to a slight improvement to 54.0 for the current month vs. July’s 53.8.
GBP/USD levels to watch
As of writing, the pair is losing 0.06% at 1.5678 facing the next support at 1.5635 (low Aug.19) followed by 1.5606 (low Aug.20) and then 1.5588 (low Aug.14). On the flip side, a break above 1.5725 (high Aug.21) would open the door to 1.5770 (high Jun.25) and finally 1.5789 (high Jun.29).