9 Dec 2014
GBP/USD slides after UK Factory Output Decelerates
FXStreet (Mumbai) - The cable erased gains and slipped into red on less than forecast UK manufacturing and industrial activity data prints.
Currently, the GBP/USD pair trades at 1.5648 levels marginally lower from the previous session’s close of 1.5653. The pair slid after industrial and manufacturing output data from the UK fell way below estimates.
The UK Office for National Statistics reported that the industrial output edged down 0.1% against expectations of a rise of 0.2% between September and October. Manufacturing was the biggest contributor with a fall of 0.7%, also against predictions of a rise of 0.2%. The drop is the lowest fall in manufacturing since May of this year when it fell 1.4%.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5697 (Dec 5 High) levels, above which gains could be extended to 1.5719 (Dec 3 High) levels. On the flip side, support is seen at 1.5618 (50-day SMA), below which it could extend losses to 1.5585 (Dec 1 Low) levels.
Currently, the GBP/USD pair trades at 1.5648 levels marginally lower from the previous session’s close of 1.5653. The pair slid after industrial and manufacturing output data from the UK fell way below estimates.
The UK Office for National Statistics reported that the industrial output edged down 0.1% against expectations of a rise of 0.2% between September and October. Manufacturing was the biggest contributor with a fall of 0.7%, also against predictions of a rise of 0.2%. The drop is the lowest fall in manufacturing since May of this year when it fell 1.4%.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5697 (Dec 5 High) levels, above which gains could be extended to 1.5719 (Dec 3 High) levels. On the flip side, support is seen at 1.5618 (50-day SMA), below which it could extend losses to 1.5585 (Dec 1 Low) levels.