GBP/USD drops to lows near 1.4450 on data

The sterling is suffering today’s releases in the UK docket, with GBP/USD testing session lows in the mid-1.4400s so far.

GBP/USD upside capped above 1.4700

Spot retreated further following UK releases today, where the manufacturing PMI has surpassed estimates during May and returned to expansion levels at 50.1.

Further data saw M4 Money Supply, Mortgage Approvals, Net Lending to Individuals and BoE’s Consumer Credit all coming in below expectations, balancing out the upbeat result from the PMI.

In the meantime, the pair remains on a bearish fashion for the time being, intensifying the downside from recent tops beyond the 1.4700 handle.

GBP/USD levels to consider

As of writing the pair is losing 0.19% at 1.4455 and a breakdown of 1.4399 (55-day sma) would aim for 1.4342 (100-day sma) and then 1.4330 (low May 16). On the flip side, the next hurdle aligns at 1.4744 (high May 26) ahead of 1.4749 (200-day sma) and then 1.4770 (high May 3).