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GBP/USD offlows, but weak ahead of 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 (Mumbai) - The GBP/USD fell to a low of 1.5037 before recovering slightly to 1.5047 in early Europe as investors await the UK industrial and manufacturing production release.

    Eyes UK data

    Both, the industrial production and manufacturing production, are expected to stall in October. In annualised terms a minor improvement is expected.

    Sterling fell in Asia after a weaker China trade data highlighted anaemic consumption in the world’s second largest economy and triggered risk-off moves. Apart from the UK data, the movement in the GBP/USD is also at the mercy of the sentiment in the European stock markets.

    GBP/USD Technical Levels

    The immediate resistance is located at 1.5063 (38.2% of 1.5336-1.4895) and 1.5069 (10-DMA), above which the gains could be extended to 1.5115 (50% of 1.5336-1.4895). On the other hand, a break below 1.5028 (Nov 27 low) would expose 1.4999 (23.6% of 1.5336-1.4895), under which the losses could be extended to 1.4950 (Dec 2 closing).
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