GBP/USD back below 1.47, UK data eyed

FXStreet (Mumbai) - GBP/USD erased gains seen in Asia and turned in red in the early European trades, slipping below 1.47 handle as persistent broad US dollar strength continues to weigh ahead of industrial production data from the UK.

GBP/USD weakness persists

The GBP/USD pair trades lower near fresh session lows of 1.4692 levels, falling back on 1.46 barrier. The cable resumes its downtrend from the US last session as the USD bulls seem to have jumped back into bids erasing previous losses as FOMC minutes and US macro data supports the bid tone in the greenback.

The US dollar index which measures the relative strength of the greenback against a basket of six major currencies turns positive and trades near session highs at 99.28.

GBP/USD remains pressured amid the US dollar's renewed strength, with risk from May UK elections still being priced in and weighing on sterling.

GBP/USD Levels to consider

The pair has an immediate resistance at 1.4725 (Today’s High) above which gains could be extended to 1.4755 levels. On the flip side, support is seen at 1.4680 (April 9 Low) below which it could extend losses to 1.4632 (March 17 Low) levels.