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11 Mar 2015
GBP/USD wavers around 1.5070 ahead of UK data
FXStreet (Mumbai) - GBP/USD stands resilient in the European session, despite sustained US dollar dominance as traders now await UK manufacturing data for fresh cues on the pair.
UK data in focus
The GBP/USD pair trades flat at 1.5070, bouncing-off lows previously at 1.5056 levels an hour ago. The cable is seen holding ground with traders expecting a better than forecast UK manufacturing activity data later in the session to set a clear direction for the major. Moreover, stabilizing greenback, slightly away from its multi year highs also keeps GBP/USD underpinned.
Industrial production data is seen as improving 0.2% m/m, compared to -0.2% in December. Manufacturing output numbers are expected to expand 0.2% on m/m in January, from 0.1% growth in December.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5100 above which gains could be extended to 1.5136 (March 9 High) levels. On the flip side, support is seen at 1.5020 below which it could extend losses to 1.4988 (Feb 3 Low) levels.
UK data in focus
The GBP/USD pair trades flat at 1.5070, bouncing-off lows previously at 1.5056 levels an hour ago. The cable is seen holding ground with traders expecting a better than forecast UK manufacturing activity data later in the session to set a clear direction for the major. Moreover, stabilizing greenback, slightly away from its multi year highs also keeps GBP/USD underpinned.
Industrial production data is seen as improving 0.2% m/m, compared to -0.2% in December. Manufacturing output numbers are expected to expand 0.2% on m/m in January, from 0.1% growth in December.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5100 above which gains could be extended to 1.5136 (March 9 High) levels. On the flip side, support is seen at 1.5020 below which it could extend losses to 1.4988 (Feb 3 Low) levels.