The Pound lost ground versus the Greenback on Monday as it was hit early European session by a weaker-than-expected UK manufacturing PMI and pressured further by the risk-off mood that emerged after the Wall Street opening. GBP/USD dropped over 220 pips from daily highs, touching the lowest level since Jul 21 at 1.6236.
Even though the pair bounced from lows, the recovery was capped by the 1.6290 zone and the pair has spent the last hours consolidating inside a tight range between the mentioned levels. At time of writing, GBP/USD is quoting at the 1.6260/70 region, recording a 1% loss on the day.
On the downside, next support levels could be found at the 1.6230/35 zone, followed by 1.6200 and 1.6175, while on the upside, immediate resistances might be faced at 1.6290/1.6300 ahead of 1.6340 and 1.6490.
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