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9 Apr 2015
GBP/USD challenges 1.4700
FXStreet (Edinburgh) - The selling pressure is building up around the pound on Thursday, pushing GBP/USD to the vicinity of the critical support at 1.4700.
GBP/USD focus on UK data
Quite poor day for the sterling data wise, as the BoE kept its monetary policy unchanged and the trade deficit widened during February. Friday’s docket will bring in manufacturing and industrial production figures along with the GDP estimate by NIESR, although their impact on the pair in this generalized scenario of USD strength is quite dubious.
GBP/USD levels to consider
At the moment the pair is losing 0.92% at 1.4730 facing the next support at 1.4713 (low Apr.9) followed by 1.4700 (psychological level) and then 1.4689 (low Mar.19). On the flip side, a breakout of 1.4854 (200-h MA) would aim for 1.4972 (high Apr.8) and finally 1.4981 (high Apr.6).
GBP/USD focus on UK data
Quite poor day for the sterling data wise, as the BoE kept its monetary policy unchanged and the trade deficit widened during February. Friday’s docket will bring in manufacturing and industrial production figures along with the GDP estimate by NIESR, although their impact on the pair in this generalized scenario of USD strength is quite dubious.
GBP/USD levels to consider
At the moment the pair is losing 0.92% at 1.4730 facing the next support at 1.4713 (low Apr.9) followed by 1.4700 (psychological level) and then 1.4689 (low Mar.19). On the flip side, a breakout of 1.4854 (200-h MA) would aim for 1.4972 (high Apr.8) and finally 1.4981 (high Apr.6).