GBP/USD makes fresh lows, approaches 1.3100

GBP/USD pushed a tad lower over the last minutes, extending BoE-inspired losses to fresh 1-week lows.

The phase of consolidation seen during the New York session gave way to fresh GBP weakness and sent Cable to a low of 1.3102 in recent dealings. The pair was last trading at 1.3109, 1.6% below its opening price. 

GBP/USD lost more than 200 pips after the Bank of England decision to cut the Bank Rate to fresh record low of 0.25%, as expected, and to expand the QE program by £60 billion to £435 billion, which took investors by surprise. 

GBP/USD technical levels

In terms of technical levels, immediate supports are seen at 1.3100 (psychological level), 1.3056 (Jul 26 low), 1.2970(Jul 12 low). On the upside, resistances could be faced at 1.3194 (10-day SMA), 1.3279 (Aug 3 low) and 1.3344 (Aug 4 high).