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GBP/USD pressing on the 1.58 handle, guarding further downside

FXStreet (Guatemala) - GBP/USD is trading at 1.5800, down -0.74% on the day, having posted a daily high at 1.5943 and low at 1.5794.

GBP/USD continues to threaten the downside and the 1.58 handle. The pair is pressing on this key level that then brings in the 1.56 handle as a foreseeable target on a convincing break and a close towards 1.5700. The pound is on its knees due to today’s UK quarterly inflation report, which painted a move dovish picture than expected and has given rise to speculation that the BoE will not make any rises to rates until after the general elections and into late 2015.

GBP/USD noteworthy levels

Spot is presently trading at 1.5800, and next resistance can be seen at 1.5820, 1.5840 and 1.5880 being the bullish gap ahead of the 1.59 handle. Next support to the downside can be found at 1.5788 (Daily Classic S2), 1.5769 (Weekly Classic S1), 1.5741 (Daily Classic S3) and 1.5662 (Weekly Classic S2).

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