GBP/USD under renewed pressure, makes fresh 5 ½-year lows sub-1.4300

By FXStreet FXStreet (Córdoba) – GBP/USD came under renewed pressure and accelerated south after breaking below the 1.4350 zone, to hit its lowest level since May 2010.

The pound is among the worst performers across the board, as even though the dollar weakened broadly on the back of disappointing data, GBP/USD failed to recover. Instead, the pair continued to move down, having dropped more than 80 pips during the last hours to a low of 1.4277.

At time of writing, the pair is trading at 1.4280, recording a 0.90% daily loss, and on track to post its third weekly decline in a row. On the downside, next target is seen at 1.4229, which is May 2010 monthly low and in fact the 2010 floor.

The Sterling has been facing pressure amid fears of a slowing recovery in the UK and uncertainty surrounding a possible Brexit.
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Source:: FX Street