The GBP/USD spot managed to recover quickly from around 1.4443 (38.2% of 1.4079-1.4668) despite weaker-than-expected UK manufacturing and industrial production figures. Confluence of key technical support intact Sterling, in a knee jerk reaction to weaker-than-expected data, fell to 1.4436 before quickly recovering to trade around 1.45 levels. This means the confluence of key technical support around 1.4445 (10-DMA + hourly 200-MA + hourly 50-MA) stays intact. Traders now await Fed’s Yellen testimony. Markets would be interested to hear Yellen’s take on the risk-off in the markets and whether the Fed is still considering a rate hike this year. GBP/USD Technical Levels The immediate resistance is seen at 1.4513-1.4519 (5-DMA and 23.6% of 1.5930-1.4079 + 38.2% of 1.5230-1.4079), above which the spot could target 1.4546 (Feb 8 high). On the other hand, a break below confluence of support around 1.4445 (10-DMA + hourly 200-MA + hourly 50-MA) would open doors for a drop to 1.44 levels. For more information, read our latest forex news.