British Pound (GBP)

The Pound slid the most in a month versus the greenback after a report showed that the U.K.'s gross domestic product unexpectedly shrank in the fourth quarter. The UK's GDP came out at -0.50%, worse than the expected 0.50%. The Sterling dropped yesterday by 250 pips to 1.5750 breaking the support of 1.6000 as expected. The main support is at 1.5785 and 1.5700. If the pair breaks below the support level of 1.5700, it would likely continue on to 1.5600 and 1.5500. Overall, GBP/USD traded with a low of 1.5750 and with a high of 1.6017. Today, the MPC Meeting Minutes are expected.

GBP/USD - Last: 1.5805

Resistance

1.5885

1.5950

1.6000

Support

1.5750

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