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GBP/USD hits fresh 14-month low

FXStreet (Córdoba) - Following a strong sell-off Wednesday, GBP/USD managed to stabilize in a slim range over the last hours before stretching to a fresh cycle low during the European trade.

GBP/USD dipped below 1.5760 and made a fresh 14-month low of 1.5752 in recent dealings. Pound came under pressure after the BoE QIR showed the bank cut growth and inflation forecasts, leading investors to delay expectations for a first hike in interest rates.

GBP/USD levels to watch

At time of writing, GBP/USD is trading at 1.5765, a few pips below its opening price. If Cable breaks below 1.5750, next supports are seen at 1.5720 (61.8% Fibo of 1.4812-1.7190) and 1.5700 (psychological level). On the other hand, resistances could be found at 1.5780 (Nov 13 high), 1.5834 (Nov 11 low) and 1.5893 (10-day SMA).

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