23 Mar 2015
GBP/USD: gains capped by slump in export orders
FXStreet (Mumbai) - The GBP/USD pair struggles to extend gains above 1.49 levels after the data in the UK showed manufacturing exports orders tumbled in January.
GBP/USD: hawks under pressure
The pair dipped to 1.4890, before recovering a few pips to trade at 1.4904 after the CBI trends total orders printed at 0, missing the estimate of 9, and down from the previous print of 10. With the GBP at multi-year highs against the Euro, the drop in the manufacturing exports orders is a bad news for the supporters of an interest rate hike in the UK. Consequently, the gains in the pair have been capped as it struggles to sustain above 1.49 levels. An upbeat US housing data later today could push the pair back below 1.49 levels.
GBP/USD Technical Levels
The immediate support is located at 1.4880, under which the pair could drop to 1.4841 (hourly 200-MA). On the flip side, resistance is seen at 1.4937 and 1.4987 levels.
GBP/USD: hawks under pressure
The pair dipped to 1.4890, before recovering a few pips to trade at 1.4904 after the CBI trends total orders printed at 0, missing the estimate of 9, and down from the previous print of 10. With the GBP at multi-year highs against the Euro, the drop in the manufacturing exports orders is a bad news for the supporters of an interest rate hike in the UK. Consequently, the gains in the pair have been capped as it struggles to sustain above 1.49 levels. An upbeat US housing data later today could push the pair back below 1.49 levels.
GBP/USD Technical Levels
The immediate support is located at 1.4880, under which the pair could drop to 1.4841 (hourly 200-MA). On the flip side, resistance is seen at 1.4937 and 1.4987 levels.