British Pound (GBP)

The Pound slid for the first time in three weeks versus the greenback after growing speculation arose that the Bank of England may not raise interest rates in the close period, as growth slows. The Consumer Confidence report came out at -29, worse than the expected -20. The sterling dropped on Friday by 100 pips to 1.5840, breaking its support level at 1.5900 as was expected. The main support at 1.5820 hasn't been broken down yet. The pair will likely continue to be bearish and rates of 1.5600 and 1.5500 don't seem far away. Overall, GBP/USD traded with a low of 1.5820 and with a high of 1.5880. Today, no major economic data is expected.

GBP/USD - Last: 1.5860

Resistance

1.5890

1.5950

1.6000

Support

1.5820

1.5790

1.5760

width=478