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GBP/USD upside out of steam? -FXStreet

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Mar 10, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    Valeria Bednarik, chief analyst at FXStreet explained that the GBP/USD pair remained confined to a tight range this Wednesday unmotivated by tepid Manufacturing and Industrial Production data.

    Key Quotes:

    "The figures came out mixed, in balance better-than-expected, but overall reflecting limited growth in the sector. According to the official release, Industrial Production is estimated to have increased by 0.3% monthly basis, below market expectations of 0.5% but reversing the previous 1.1% decline. Manufacturing in the same period rose by 0.7%, against the 0.2% expected and than the previous revised -0.3%. The pair however, wobbled around the 1.4200 figure, having met some buying interest on declines towards the 1.4170 price zone, but unable to advance beyond 1.4240.

    From a technical point of view, the pair presents a neutral short term stance according to the 1 hour chart, in where the price stands a few pips above a horizontal 20 SMA and the technical indicators hold flat within positive territory.

    In the 4 hours chart, the pair presents a mild bullish potential with the price also hovering above its 20 SMA, but the technical indicators aiming higher above their mid-lines."
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