FXstreet.com (Barcelona) - The US Dollar has risen in the last hours against the Pound and the Euro, the bad UK GDP data looks too heavy for the European currencies, the GBP/USD has fallen more than 200 pips and the EUR/USD fell around 140 pips in the European session.
The GBP/USD rejection of the 1.4600 level extends below 1.4450 so far, and the Pound has dropped more than 230 pips in European Session, touching the 1.4360 intra-week support level. Selling pressure seems increasing and in case of breaking below 1.4360, the pound would advance towards 1.4300 (Feb 16.17 and 18 high), below here, 1.4210.
EUR/USD has testing the 1.2900 level at the beginning of the European session and has been rejected to the 1.2760 level after it falls around 140 pips. The pair has broken the 1.2800 support and right now is trading around the 1.2775/95 level.
According to Valeria Bednarik, FXstreet.com's Collaborator, the bad UK GDP data is pressing to European currencies againts Dollar: Dollar is quickly rising across the board (except against Japanese Yen), triggered by a slump in GBP GDP. European Union officials are concerned that the pound's slide could destabilize the British economy, and that could push the Euro zone economy deeper into a recession by undermining exports to its biggest trading partner.