GBP/USD through 1.53 on UK data

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Oct 7, 2015.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    FXStreet (Edinburgh) - The upbeat momentum in the sterling remains unabated on Wednesday, now lifting GBP/USD to daily tops above the 1.5300 barrier.

    GBP/USD stronger post-data

    The pair is trading in 2-week highs beyond 1.5300 the figure after auspicious results in the UK economy during August showed Industrial Production expanding at a monthly pace of 1.0% and Manufacturing Production growing 0.5% MoM, both prints coming in above market expectations.

    In addition, market chatter in the M&A sector is giving further legs to the GBP rally today, which is managing to clinch the second consecutive session with gains so far.

    GBP/USD significant levels

    As of writing the pair is up 0.51% at 1.5304 with the next resistance at 1.5348 (200-d sma) followed by 1.5400 (psychological level) and finally 1.5443 (Fibo 38.2% of 1.5658-1.5107). On the flipside, a break below 1.5137 (low Oct.5) would expose 1.5107 (low Oct.1) and then 1.5089 (low May 5).
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