FXstreet.com (Barcelona) - The Sterling remains under pressure today's session and after attempting to recover from 6-week low at 1.6161 against Dollar, GBP/USD has fallen from 1.6245 to trade below 1.6200 again during the European session to post 1.6170 as fresh intra-day low.
Currently the pair is trading around 1.6170/80, 0.30% below today's opening price action, focusing on today's US data on 2Q GDP and jobless claims.
On the Fundamental view, the ecPulse.com analysis team comments that US economy will probably contract wider than expected during the second quarter: The U.S. economy is expected to start growing back over the course of the second half of this year; however the economy is still expected to remain weak, as conditions are still rather fragile, despite the recent wave of stability that has been invading different economic sectors, including the manufacturing, the services, and the housing sectors. Several sectors started to show recently that the worst part of this recession is indeed over, and that the recovery is an ongoing process, as we continue to see more signs of improvement in the performance of those sectors, yet the story doesn't end here, as more work needs to be done before we can say that the recession is over.
Technically speaking, George Clement, senior analyst at Swiss e Trader, comments: Having lost more ground against the dollar yesterday, the pound is currently consolidating near the lows of 1.6150 and right now priced at 1.6205. Although some recovery moves are likely, we expect the lows to be tested again in today's trading.