GBP/USD under pressure, breaks below 1.2400

The selling pressure around the British Pound stays unabated on Friday, now sending GBP/USD to test fresh lows in sub-1.2400 levels.

GBP/USD weaker post-Payrolls

Bad day for GBP since the European morning, accelerating the drop following lacklustre results from the UK’s Manufacturing and Industrial Production while the now renewed upside in the greenback has relegated spot to challenge 2-week lows in the sub-1.2400 area.

Cable met extra selling pressure despite US Non-farm Payrolls have come in short of expectations during March (98K), although auspicious results from the jobless rate and wage inflation seems to have lent support to the buck.

Spot is thus closing its first week with losses after three consecutive advances, giving away more than two cents since tops in the 1.2620 region seen in late March.

GBP/USD levels to consider

As of writing the pair is down 0.59% at 1.2395 and a breakdown of 1.2375 (low Mar.29) would aim for 1.2362 (50% Fibo of the March up move) and then 1.2302 (61.8% Fibo of the March up move). On the other hand, the next hurdle aligns at 1.2556 (high Apr.3) followed by 1.2598 (high Mar.28) and finally 1.2562 (high Mar.31).