GBP/USD advances above 1.4200 post-UK data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 9, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    The sterling has now recovered the smile after mixed UK releases, lifting GBP/USD to test session highs near 1.4240.

    GBP/USD keeps 1.4200 on data

    Spot is now extending its bounce off session lows in the 1.4180 region following mixed results from today’s UK docket, where Industrial Production has expanded 0.3% MoM, missing expectations.

    On the bright side, Manufacturing Production has surpassed estimates, advancing 0.7% inter-month and contracting 0.1% on an annualized basis, less than forecasted.

    Next on tap in the UK calendar will be the NIESR GDP Estimate (0.4% prev.)

    GBP/USD levels to consider

    As of writing the pair is up 0.13% at 1.4229 with the next up barrier at 1.4348 (61.8% Fibo of 1.4670-1.3833) followed by 1.4387 (55-day sma) and finally 1.4410 (high Feb.19). On the flip side, a breach of 1.4152 (38.2% Fibo of 1.4670-1.3833) would aim for 1.4030 (23.6% Fibo of 1.4670-1.3833) and then 1.3833 (multi-year low Feb.29).
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