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The dollar rallied as markets turned attention back towards slowing growth in emerging economies. A research note from the Asian Development Bank turned investors’ back to the situation in China.

Now forming a typical “head and shoulders” pattern GBP/USD is likely to find support around the middle of the 1.54 range. Resistance above 1.56 proved too strong to breach on this attempt.

GBP/USD rallied over 1.55 in early trade after some of robust earnings and wage data. Average UK earnings came in with a 2.9 percent gain in July over the prior three months.

Disappointing data on Chinese industrial output reignited concerns over the world’s second biggest economy. A brief rally in metals and commodities went into reverse Monday...

EUR/USD was testing resistance around the 1.13 area. EUR/USD found a floor around 1.1082 earlier in the week and has been rising steadily for the past four days.

UK manufacturing activity fell in July according to recent figures. Manufacturing production fell by 0.8 percent in July. Analysts had expected a small rise of 0.2 percent on the month, so the release had a negative impact on sterling.

The US dollar was higher against commodity currencies on Monday. The greenback was trading up strongly against the Canadian, the New Zealand dollar and was breaking even on the Australian dollar.

Cable continued its bearish trend today pushing down below the 1.53 line. A disappointing outlook on the UK’s service industry was enough to keep the sell orders coming in.

The Australian dollar suffered a further blow today after the government’s official figures showed that GDP was much weaker in the second quarter than expected. GDP rose by 2% on the quarter a year earlier.

GBP/USD was trending lower for much of the day on the back of the figures with few meaningful retracements. Traders were aggressively testing the 1.53 level which was offering tentative support.