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10 Feb 2015
GBP/USD stuck at 5-DMA ahead of UK data
FXStreet (Mumbai) - The GBP/USD pair is struggling around the 5-DMA located at 1.5248 levels as the investors await the UK industrial production and manufacturing figure for December.
Rejected at hourly 100-SMA
The pair has also witnessed a technical failure at the hourly 100-SMA located at 1.5243 levels. Repeated attempts to rise above the same since the Asian session failed; consequently the pair is inching lower ahead of the European opening bell.
A rise in volatility could be seen post the release of the UK data which is likely to show the industrial production growth slowed down to 0.5% yoy in December. Manufacturing production growth is also seen slowing down to 2.0%.
GBP/USD Technical Levels
The pair currently trades 0.145 higher at 1.5239 levels. The immediate support is located at 1.5223 (Jan. 27th high), under which losses could be extended to 1.5161 levels. Meanwhile, resistance is seen at 1.5248 (5-DMA) and 1.5265 levels.
Rejected at hourly 100-SMA
The pair has also witnessed a technical failure at the hourly 100-SMA located at 1.5243 levels. Repeated attempts to rise above the same since the Asian session failed; consequently the pair is inching lower ahead of the European opening bell.
A rise in volatility could be seen post the release of the UK data which is likely to show the industrial production growth slowed down to 0.5% yoy in December. Manufacturing production growth is also seen slowing down to 2.0%.
GBP/USD Technical Levels
The pair currently trades 0.145 higher at 1.5239 levels. The immediate support is located at 1.5223 (Jan. 27th high), under which losses could be extended to 1.5161 levels. Meanwhile, resistance is seen at 1.5248 (5-DMA) and 1.5265 levels.