The Pound declined versus the Dollar after Fitch Ratings said the U.K should accelerate budget cuts to avoid losing its AAA rating. Fitch Ratings comments fueled concerns the economic recovery is losing momentum. Overall, GBP/USD traded with a low of 1.4346 and a high of 1.4529. GBP/USD fell back downwards after reaching the first Fibonacci retracement of 38.2% of the downtrend which started in April. The major trend is bearish. No economic data expected today.

GBP/USD - Last: 1.4425

Resistance

1.4480

1.4530

1.4565

Support

1.4400

1.4345

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