The Pound Sterling (GBP) was hit hard last week from $1.3216 to as low as $ 1.3059 on Tuesday amid disappointing PPI and retail price index data from the U.K.

The Pound Sterling (GBP) was hit hard last week from $1.3216 to as low as $ 1.3059 on Tuesday amid disappointing PPI and retail price index data from the U.K. But the GBP managed to recover to $1.3180 before dropping to $1.3140 this morning driven by weakness on the U.S dollar across the board. The technical outlook on the GBP/USD is looking for potential corrective move higher towards $1.3261/1.3275 in the short term. On the downside, support could be seen at $1.3073 followed by $1.3040. However a break below might open the door for further losses on the cable.

 

 

 

Disclaimer: This communication is provided for information and discussion purposes only. Unless otherwise indicated, it does not constitute an offer or recommendation to purchase or sell any financial instruments or other products. AfrAsia Bank does not guarantee or warrant the accuracy, reliability, completeness of the information in this publication.