The Cable has been under pressure as well and the new fresh low below 1,59 opens the door to further decline with a next target at 1,58.
GBP/USD: daily chart
As the Euro will most likely drop over the coming week, we might see the pound rapidly breaking down below its 2011 low (1,5750).
Today, we will keep a close attention to the UK CPI (08:30 GMT) which will probably confirm a high inflation that BoE has to deal with in a context of slow growth recovery.
Provided by atf-forex-trading.com