GBP/USD Tests 1.4100 on UK Data

GBP/USD Tests 1.4100 on UK Data

8 April 2016, 11:17
Roberto Jacobs

GBP/USD Tests 1.4100 on UK Data

The British pound has abandoned the area of daily peaks vs. the dollar, with GBP/USD wobbling around 1.4100 following UK’s releases.

GBP/USD bid despite poor data

Spot has retreated from session highs near 1.4140 in response to miserable prints from the UK docket, where Industrial and Manufacturing Production have contracted more than expected during February.

Further data saw the trade deficit widening to nearly £12 billion during the same period. Next on tap for GBP will be the UK’s NIESR GDP Estimate (0.3% prev.), expected later.

GBP/USD levels to consider

As of writing the pair is up 0.29% at 1.4098 and a breakout of 1.4250 (20-day sma) would open the door to 1.4460 (high Mar.30) and then 1.4517 (high Mar.18). On the other hand, the immediate support aligns at 1.4004 (low Apr.6) ahead of 1.3992 (23.6% Fibo of 1.3833-1.4517) and then 1.3833 (2016 low Feb.29).

(Market News Provided by FXstreet)

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