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Forex: GBP/USD threatening 1.5200

FXstreet.com (Barcelona) - The sterling continues to navigate session lows around the key support of 1.5200 on Tuesday, after mixed data from the British economy intensified the selling pressure. In fact, UK manufacturing PMI rose to 48.3 in March, from 47.9 in the previous month while Mortgage Approvals declined to 51.65K during February from January’s 54.18K.

Ahead in the week, the sterling would remain under scrutiny as the BoE MPC will meet on Thursday, although consensus expects the central bank to stay on the sidelines.

GBP/USD is now losing 0.15% at 1.5207 with the next support at 1.5200 (high Feb.28) ahead of 1.5178 (low Apr.1) and finally 1.5165 (MA10d).
On the flip side, a breakout of 1.5242 (high Apr.1) would expose 1.5260 (hourly high Mar.250 and then 1.5280 (high Mar.25).

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The unemployment rate in the Eurozone came in at 12.0% in February, while the January figure was revised higher from 11.9% to 12.0%. After the publication, the EUR/USD eased back to its daily lows at 1.2830 and it is now extending the drop further, at 1.2825, as of writing. Earlier, the market saw the final reading of the March manufacturing PMI by Markit.
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