GBP/USD Weaker, Challenging 1.4400
The sterling is trading on the defensive at the end of the week, with GBP/USD now hovering over the 1.4400 neighbourhood.
GBP/USD attention to US releases
The pair has dropped to 3-week lows in the 1.4380/70 band although it
has later managed to regain the 1.4400 handle, all against the backdrop
of a broad-based buying interest around the US dollar.
Spot has been trading in a sideline pattern as of late, including a test
of weekly highs above the 1.4500 handle in spite of poor UK’s
manufacturing/industrial production results, a revision lower in the
NIESR GDP Estimate and a steady BoE.
Later in the NA session, US Retail Sales, Business Inventories and the
Reuters/Michigan index will be in the limelight on theUSD-side.
GBP/USD levels to consider
As of writing the pair is retreating 0.29% at 1.4407 facing the
immediate support at 1.4372 (low May 9) ahead of 1.4311 (55-day sma) and
finally 1.4298 (low Apr.21). On the other hand, a surpass of 1.4531
(high May 12) followed by 1.4670 (high Feb.4) and then 1.4770 (high May
3).
