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GBP/USD losing it’s footing

FXStreet (Guatemala) - GBP/USD is trading at 1.6142, down -0.27% on the day, having posted a daily high at 1.6252 and low at 1.6113.

GBP/USD had been holding up to the greenback over the last handful of session and came second to the worlds commodity currency but of late, Sterling is losing it’s spot on the palladium having fallen through 1.6180 key support. Camilla Sutton, CFA, CMT, Chief FX Strategist at Scotiabank explained that initially GBP attempted to rally but failed and shifted lower; downward pressure was accelerated by comments by the BoE’s Broadbent that the UK is moving towards interest rate hikes but that the country is not ready and consumers should think carefully about debt levels."

GBP/USD hourly levels

Current price is 1.6142, with resistance ahead at 1.6148 (Daily Classic S1), 1.6162 (Yesterday's Low), 1.6169 (Hourly 20 EMA) and 1.6184 (Weekly Classic S1). Next support to the downside can be found at 1.6120 (Weekly Classic S2), 1.6110 (Daily Classic S2) and 1.6105.

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