The Pound declined versus all of the 16 major currencies after Fitch Ratings said U.K debt problems are worsening. Trade Balance came out worse with -8B versus -6.9B expected. Concerns about a possible minority government in the upcoming elections in the U.K this year helped drag the Pound lower. Overall, GBP/USD traded with a low of 1.4935 and a high of 1.5043. GBP/USD is on a bearish trend and near daily oversold RSI conditions. Today, Manufacturing Production is expected with 0.3% versus 0.9% prior. NIESR GDP Estimate will be released, prior was 0.4%.

GBP/USD - Last: 1.4980

Resistance

1.5085

1.5140

1.5200

Support

1.4935

1.4880

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