10 Jan 2014
GBP/USD slumps after disappointing UK data
FXstreet.com (Córdoba) - The GBP/USD slumped to fresh 2-day lows after disappointing UK industrial production data.
UK industrial production for November came in flat compared to expectations for a 0.4% gain and +0.4% reading the previous month, while manufacturing production growth was also flat during November. Soft data burst calm prior to the US nonfarm payrolls and sent the GBP/USD to a 2-day low of 1.6402 from around 1.6460.
GBP/USD levels to watch
At time of writing, the GBP/USD is trading at the 1.6410 zone, recording a 0.4% loss on the day with supports lining up at 1.6402 (30-day SMA), 1.6373 (Jan 7 low) and 1.6337 (2014 low Jan 6). On the other hand, resistances are seen at 1.6482 (daily high), 1.6500 (psychological level) and 1.6532 (Dec 30 high).
UK industrial production for November came in flat compared to expectations for a 0.4% gain and +0.4% reading the previous month, while manufacturing production growth was also flat during November. Soft data burst calm prior to the US nonfarm payrolls and sent the GBP/USD to a 2-day low of 1.6402 from around 1.6460.
GBP/USD levels to watch
At time of writing, the GBP/USD is trading at the 1.6410 zone, recording a 0.4% loss on the day with supports lining up at 1.6402 (30-day SMA), 1.6373 (Jan 7 low) and 1.6337 (2014 low Jan 6). On the other hand, resistances are seen at 1.6482 (daily high), 1.6500 (psychological level) and 1.6532 (Dec 30 high).