GBP/USD Extends the Drop to 1.4320
The sterling remains on the defensive on Friday, now sending GBP/USD to the 1.4320 area, or session lows.
GBP/USD lower post-PMI, focus on US data
The pair is prolonging its recent downside after being rejected from Wednesday’s peaks near 1.4460, against the backdrop of rising “Brexit’ fears, month-end flows and a pick-up in the risk aversion.
Collaborating with the downside, UK’s manufacturing PMI has come in below estimates during March. Market participants will now turn their attention towards the US calendar, where the main highlight will be March’s Payrolls (205K exp.).
GBP/USD levels to consider
As of writing the pair is down 0.24% at 1.4329 and a break below 1.4287 (20-day sma) would open the door to 1.4254 (61.8% Fibo of 1.3833-1.4517) and finally 1.4051 (low Mar.18). On the other hand, the next up barrier aligns at 1.4451 (high Mar.31) followed by 1.4517 (high Mar.18) and then 1.4565 (100-day sma).
(Market News Provided by FXstreet)
