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6 Sep 2021

GBP/USD prints fresh daily lows below 1.3830

  • Cable drops after rising during three consecutive days.
  • DXY gains 0.15% on a quiet day across financial markets.

The GBP/USD dropped further during the American session and printed a fresh daily low at 1.3817, slightly above Friday’s low. It is hovering around 1.3830, about to post the worst slide in seven trading days. The pound is pulling back after being unable to hold above 1.3900.

An upside correction of the US dollar and a modestly weaker pound pushed GBP/USD to the downside. On Friday the greenback dropped sharply after the NFP report and on Monday it corrected higher. The DXY is rising for the first time in five days, gaining 0.15%.

Price action across financial markets remain quiet. US markets are closed for a holiday, so trading volumes are likely to remain low until Tuesday.

For the days ahead, the economic calendar looks light. The critical day in the UK and the US will be on Friday. In the US the PPI will be released, with the headline expected to reach 8.2%. In the UK, on Friday, July GDP, construction output, industrial production and construction data are due.

Also traders will continue to watch closely statements from Bank of England official ahead of the September 23 meeting. In the US, Fed’s comments would be interesting following the disappointing NFP.

Technical levels

 

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