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GBP/USD little changed on UK data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Dec 8, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    FXStreet (Edinburgh) - The pound remains within the daily range today, with GBP/USD hovering over session lows in the 1.5020/15 area.

    GBP/USD still weak post-UK data

    The pair remains in the area of daily troughs following the mixed results from the UK docket today. In fact, Industrial Production has expanded 0.1% MoM during October and 1.7% over the last twelve months; on the not so bright side, Manufacturing Production has missed estimates, contracting 0.1% inter-month and 0.4% on a yearly basis. Next on tap will be the NIESR GDP Estimate, due in the European evening.

    The weaker tone around GBP remains unchanged today, relegating spot to trade in the vicinity of the psychological handle at 1.5000.

    GBP/USD important levels

    The pair is now retreating 0.23% at 1.5017 facing the next support at 1.5000 (psychological level) followed by 1.4893 (low Dec.2) and then 1.4853 (low Apr.21). On the upside, a breakout of 1.5160 (post-ECB high Dec.3) would aim for 1.5231 (55-day sma) and finally 1.5336 (high Nov.9).
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