GBP/USD declines to a week’s low near 1.3150 before London open on Tuesday. Negative news out of China and growing market support for the USD extended the pair’s recent downturn. With the UK Services PMI and testimony by the BoE’s Carney becomes crucial for the GBP, investors remain on the back foot ahead of the events. GBP/USD stretched its previous downward trajectory to a week’s low near 1.3150 while heading into European session on Tuesday. The pair couldn’t withstand the USD’s across the board strength after China anticipated lower growth and China’s Caixin services PMI declined to three month low. Additionally, consensus favoring a trade accord between the US and China, coupled with the market rush to greenback expecting hard Brexit, also weighed on the GBP/USD pair. Investors may now shift their attention to the UK economic calendar as it carries February month Markit Services PMI and BoE Governor Mark Carney’s testimony. Recently, the Financial Times reported that the UK trade department cancels its Brexit briefings to the British business houses that in-turn challenged the British Pound (GBP). Looking forward, February month release of the UK Services PMI, crucial to the British GDP, is up for release at 09:30 GMT today. The headline sentiment index may join Monday’s construction PMI and slip beneath the 50.00 mark which differentiates growth from contraction to 49.9 against 50.1 prior. Also, the Bank of England (BOE) Governor Mark Carney is due to testify on Brexit, inflation, and the economy before the House of Lords Economic Affairs Committee at 15:35 GMT. While the Governor is less likely to avoid the latest economic challenges and Brexit uncertainty, chances of his clear signal to monetary policy change are fewer. From the US side, developments surrounding the US-China trade deal and President Donald Trump’s response to the opposition Democrat’s launch of “abuse of power” investigation will be closely observed. GBP/USD Technical Analysis The GBP/USD’s sustained trade beneath 1.3175 signal brighter chances of its further downturn to 1.3070, including 61.8% Fibonacci retracement of its June 2018 to January 2019 slide. However, multiple highs during February 1.3110 may offer intermediate halt to the decline. Meanwhile, pair’s pullback needs to cross the 1.3175 barrier to confront the support-turned-resistance, at 1.3190. Also, the pair’s break of 1.3190 enables it to aim for 1.3260. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Ripple overview: XRP bears threaten $0.30 amid a sharp change of sentiments FX Street 4 years GBP/USD declines to a week's low near 1.3150 before London open on Tuesday. Negative news out of China and growing market support for the USD extended the pair's recent downturn. With the UK Services PMI and testimony by the BoE's Carney becomes crucial for the GBP, investors remain on the back foot ahead of the events. GBP/USD stretched its previous downward trajectory to a week's low near 1.3150 while heading into European session on Tuesday. The pair couldn't withstand the USD's across the board strength after China anticipated lower growth and China's Caixin services PMI declined to three month low.… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk.3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk.4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk.5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.