British Data Pushes Pound to Intraday Lows
The British manufacturing output unexpectedly fell 0.9% in January compared to December, causing the Cable to free fall about 50 pips before recovering to just above the 1.49 level. The Pound has been under pressure for 3 days now, repeatedly testing and breaking support levels on the way.
What's Next for the Cable?
Any rebound in the pair will be a reaction to the extreme selling as traders reposition for more bloodletting. GBP/USD capped at 1.500 but looking to test 1.485.