GBP/USD plummets to 1.4600, session lows

The sterling has come under renewed selling pressure on Tuesday, dragging GBP/USD to fresh lows in the vicinity of 1.4600 the figure.

GBP/USD upside capped near 1.4720

Spot has surrendered over a cent since overnight tops around 1.4720, coming back to the 1.4600 region following rebalancing month-end flows and some sort of recovery of the US dollar.

Ahead in the session, US inflation figures tracked by the PCE are due later, seconded by Personal Income/Spending and CB’s Consumer Confidence. In the UK docket, the next event will be the Manufacturing PMI due tomorrow.

GBP/USD levels to consider

As of writing the pair is losing 0.19% at 1.4613 and a breakdown of 1.4522 (20-day sma) would aim for 1.4397 (55-day sma) and finally 1.4330 (low May 16). On the flip side, the next hurdle aligns at 1.4739 (high May 26) ahead of 1.4755 (200-day sma) and then 1.4770 (high May 3).