GBP/USD slumps below 1.4300, US GDP eyed

By FXStreet FXStreet (Edinburgh) – The sterling is now falling faster vs. the greenback, dragging GBP/USD below the 1.4300 handle.

GBP/USD down from 1.4410

After hitting highs above the 1.4400 mark in overnight trade, spot met a wave of selling pressure and is now returning to the 1.4290 area against the backdrop of a better sentiment surrounding the US dollar.

The rebound from multi-year lows in sub-1.4100 levels seems to have thus found some strong resistance just above 1.44 the figure, as market expectations of a later than expected rate hike by the BoE and deteriorating prospects for the UK economy continue to linger.

GBP/USD relevant levels

As of writing the pair is losing 0.38% at 1.4301 facing the next support at 1.4171 (low Jan.26) followed by 1.4079 (multi-year low Jan.21) and then1.4049 (monthly low feb.2009). On the other hand, a break above 1.4431 (high Jan.15) would open the door to 1.4522 (38.2% Fibo of 1.5240-1.4079) and then 1.4796 (55-day sma).
For more information, read our latest forex news. …read more

Source:: FX Street