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11 Mar 2015
GBP/USD falls to fresh lows on poor UK data
FXStreet (Mumbai) - GBP/USD slipped to fresh session lows below 1.5050 after UK industrial production data showed that both total industrial production and manufacturing declined unexpectedly in January against expectations of a rebound.
GBP/USD slips on bearish Manufacturing report
The GBP/USD pair trades lower by -0.20% at fresh session lows of 1.5038, slipping from 1.5060 levels before the data release. The cable lost ground and extended losses after the UK’s manufacturing sector received a double blow as both the industrial production and manufacturing suffered a sudden decline in January.
Total industrial production, which includes data on oil and gas industry in the North Sea, decreased 0.1% om/m well below an estimate of a 0.2% rise. While, manufacturing production fell 0.5% against n expected 0.2% rise.
GBP/USD fell as the downbeat data disappointed markets adding to concerns the UK economy remains poorly balanced.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5100 above which gains could be extended to 1.5136 (March 9 High) levels. On the flip side, support is seen at 1.5020 below which it could extend losses to 1.4988 (Feb 3 Low) levels.
GBP/USD slips on bearish Manufacturing report
The GBP/USD pair trades lower by -0.20% at fresh session lows of 1.5038, slipping from 1.5060 levels before the data release. The cable lost ground and extended losses after the UK’s manufacturing sector received a double blow as both the industrial production and manufacturing suffered a sudden decline in January.
Total industrial production, which includes data on oil and gas industry in the North Sea, decreased 0.1% om/m well below an estimate of a 0.2% rise. While, manufacturing production fell 0.5% against n expected 0.2% rise.
GBP/USD fell as the downbeat data disappointed markets adding to concerns the UK economy remains poorly balanced.
GBP/USD Levels to consider
The pair has an immediate resistance at 1.5100 above which gains could be extended to 1.5136 (March 9 High) levels. On the flip side, support is seen at 1.5020 below which it could extend losses to 1.4988 (Feb 3 Low) levels.