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11 Mar 2015
GBP/USD moderately higher ahead of UK data
FXStreet (Mumbai) - The GBP/USD pair is trading moderately higher at 1.5086 ahead of the data in the UK, which is expected to show a rise in the industrial activity in January. The pair recovered from the low of 1.5061 to trade higher in anticipation of a strong data.
GBP/USD: Gains capped at key Fibo level
The pair struggling to rise above the 76.4% retracement level (1.4949-1.5550) located at 1.5090 levels. The hourly 50-MA level at 1.5087 is also proving out to be a strong resistance level. Moreover, the gain are being capped at the said levels despite expectations of a sharp rise in the UK Industrial production in January. The production is seen rising 1.3% year-on-year in January from the December’s figure of 0.5%. Meanwhile, manufacturing production is seen at 2.6%, compared to 2.4% in December. The pair may rise above 1.51 levels in anticipation of a strong data.
GBP/USD Technical Levels
The immediate resistance is seen at 1.5090, above which gains could be extended to 1.5135 levels. On the flip side, support is seen at 1.5027, under which the pair could drop to 1.4950 levels.
GBP/USD: Gains capped at key Fibo level
The pair struggling to rise above the 76.4% retracement level (1.4949-1.5550) located at 1.5090 levels. The hourly 50-MA level at 1.5087 is also proving out to be a strong resistance level. Moreover, the gain are being capped at the said levels despite expectations of a sharp rise in the UK Industrial production in January. The production is seen rising 1.3% year-on-year in January from the December’s figure of 0.5%. Meanwhile, manufacturing production is seen at 2.6%, compared to 2.4% in December. The pair may rise above 1.51 levels in anticipation of a strong data.
GBP/USD Technical Levels
The immediate resistance is seen at 1.5090, above which gains could be extended to 1.5135 levels. On the flip side, support is seen at 1.5027, under which the pair could drop to 1.4950 levels.