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GBP/USD is eyeing 1.55

The sterling dropped like a stone against the greenback on Monday closing the day about 140 pips down. At the time of writing the bears are pushing the market lower, but for now the pair is holding just above the key support area at 1.563. With the RSI standing below its neutral area and turning down, the market remains in negative stance. A break below 1.56 would open the way for the 1.55 level. Any rally up to 1.5745 could be seen as a good selling opportunity. Only an upside penetration of the 1.578 could delay the downside movement in the market. Key economic data today that could affect the pair today comes in the form of UK CPI and Producer Price Index during European hours. Later today, eyes will be on the US Treasury Budget.

Dafni Serdari
Market Analyst
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