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15 May 2015
GBP/USD languishes near session lows
FXStreet (Mumbai) - The weaker-than-expected US empire state manufacturing index failed to provide a boost to the GBP/USD which continues to trade slightly above its session low of 1.5711.
GBP/USD: Eyes Us industrial production data
The pair failed to witness any relief rally after the Empire manufacturing index in May printed at 3.09, missing the estimate of 5.00. Attention now shifts to the US industrial production data due later today, which could show the activity expanded 0.1% in April.
Moreover, the USD has remained resilient across the board despite weak regional manufacturing data as investors close out short dollar positions ahead of the weekend.
GBP/USD Technical Levels
The pair currently trades at 1.5713. The immediate resistance is located at 1.5752 (hourly 50-DMA), above which gains could be extended to 1.5790-1.58. On the flip side, a break below 1.57 could see the pair fall to 1.5660 levels.
GBP/USD: Eyes Us industrial production data
The pair failed to witness any relief rally after the Empire manufacturing index in May printed at 3.09, missing the estimate of 5.00. Attention now shifts to the US industrial production data due later today, which could show the activity expanded 0.1% in April.
Moreover, the USD has remained resilient across the board despite weak regional manufacturing data as investors close out short dollar positions ahead of the weekend.
GBP/USD Technical Levels
The pair currently trades at 1.5713. The immediate resistance is located at 1.5752 (hourly 50-DMA), above which gains could be extended to 1.5790-1.58. On the flip side, a break below 1.57 could see the pair fall to 1.5660 levels.