9 Jan 2015
GBP/USD edges lower after Mixed UK data
FXStreet (Mumbai) - Cable edged lower, after industrial production data declined unexpectedly between October and November due to temporary maintenance works on oil and gas rigs in the North Sea while manufacturing sector output surged above estimates.
The GBP/USD pair traded unchanged at 1.5131 levels, up 0.28% on the day, having posted intraday high of 1.5150 levels before the data release. The cable edged slightly lower post the data release as the UK's total industrial production declined unexpectedly by 0.1% in November against expectations of a 0.2% rise. The largest upward driver in November was manufacturing where output surged 0.7%, up from a decline of 0.7% a month before and above estimates of a 0.3%.
However, the mixed data did little to impress the markets as the higher manufacturing output numbers were already priced-in.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5156 (Jan 7 High) above which gains could be extended to 1.52 levels. On the flip side, support is seen at 1.51, below which it could extend losses to 1.5053 levels.
The GBP/USD pair traded unchanged at 1.5131 levels, up 0.28% on the day, having posted intraday high of 1.5150 levels before the data release. The cable edged slightly lower post the data release as the UK's total industrial production declined unexpectedly by 0.1% in November against expectations of a 0.2% rise. The largest upward driver in November was manufacturing where output surged 0.7%, up from a decline of 0.7% a month before and above estimates of a 0.3%.
However, the mixed data did little to impress the markets as the higher manufacturing output numbers were already priced-in.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5156 (Jan 7 High) above which gains could be extended to 1.52 levels. On the flip side, support is seen at 1.51, below which it could extend losses to 1.5053 levels.