FXstreet.com (Barcelona) - The Pound has been severely hit by the worst quarterly GDP performance since 1979, and the Pound has declined to 1.4595 support level during European morning time.

At the moment Sterling trades some pips above 1.4600 with resistance levels at 1.4645 and 1.4680, in case of further decline, next support levels could be at 1.4560 and 1.4515.

According to Peter Rosentreich, economist at ACM - Advanced Currency Markets, the Pound might reach 1.4515 before the end of the week: GbpUsd Sterling weakness resumes even as the dollar drops against other majors, strong resistance at 1.4747 (previous day high) however bias is lower, initial support at 1.4595 which will then lead the way for a pre-weekend target of 1.4512 via 1.4559.

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