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10 Apr 2015
GBP/USD drops to 1.46
FXStreet (Mumbai) - The GBP/USD extended the sell-off to test 1.46 levels, after the British Pound was hit by another wave of selling on a weaker-than-expected UK industrial production data.
GBP/USD: Fresh five year low at 1.5602
The pair hit a fresh five year low of 1.4602, after having breached the support of the previous low at 1.4633. The sell-off in the early European session was extended further after the release of a weak industrial production data. Moreover, the gilt yields ignored a weak data, with 10-year Gilt yield trading 2.3 basis points (bps) higher at 1.596%.
However, markets are in no mood to buy Pounds tracking the relative strength in the Gilt yields. Given the thin economic calendar in the US, the pair could retake some of its losses in case of short covering ahead of the weekend.
GBP/USD Technical Levels
The immediate support is seen at 1.46, under which the pair could drop to 1.4550. On the flip side, a break above 1.4640, could drive the pair higher to 1.4683.
GBP/USD: Fresh five year low at 1.5602
The pair hit a fresh five year low of 1.4602, after having breached the support of the previous low at 1.4633. The sell-off in the early European session was extended further after the release of a weak industrial production data. Moreover, the gilt yields ignored a weak data, with 10-year Gilt yield trading 2.3 basis points (bps) higher at 1.596%.
However, markets are in no mood to buy Pounds tracking the relative strength in the Gilt yields. Given the thin economic calendar in the US, the pair could retake some of its losses in case of short covering ahead of the weekend.
GBP/USD Technical Levels
The immediate support is seen at 1.46, under which the pair could drop to 1.4550. On the flip side, a break above 1.4640, could drive the pair higher to 1.4683.