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GBP/USD taking a further whack

FXStreet (Guatemala) - GBP/USD is trading at 1.6588, down -0.12% on the day, having posted a daily high at 1.6617 and low at 1.6578.

GBP/USD has dropped further with a decent move through the greenback as Yen stops were tripped past the 104.50 barrier. The pound has been under pressure and struggling on the 1.66 handle overnight and analysts at TD Securities commented earlier around the disappointment in the manufacturing PMI’s from the UK that provided further support for the fact that UK growth should be moderating into year-end, as both we and the BoE expect. “This further reinforces our call for no rate hikes from the BoE this year as we continue to look for the first hike in February 2015”.

GBP/USD hourly levels

Spot is presently trading at 1.6588, and next resistance can be seen at 1.6608 (Daily Open), 1.6610 (Hourly 20 EMA),1.6613 (Daily Classic PP) and 1.6617. Next support to the downside can be found at 1.6587 (Hourly 100 SMA), 1.6582 (Weekly Classic PP),1.6581 (Daily Classic S1) 1.6570 and 1.6540”.

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