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9 Sep 2015
GBP/USD looks southwards ahead of UK data
FXStreet (Mumbai) - The GBP/USD pair is pointing southwards ahead of the UK data due today after having retracted last week’s drop in the previous two sessions.
Focus on trade deficit
The UK trade deficit is seen widening in July, while the industrial production is seen rebounding month-on-month. The data comes a day before the Bank of England rate decision and minutes release. After the recent string of weak data and last week’s dismal PMI numbers, markets are speculating that the BOE rate hike may not happen any time soon.
Ahead in the NIESR UK GDP estimate could attract market’s attention as well. Meanwhile, the focus would also be on the US treasury yields and global stock markets, given the FOMC is just one week away.
GBP/USD Technical Levels
The spot currently trades around 1.5380; down 0.10%. The immediate support is seen at 1.5352 (200-DMA), followed by a major support at 1.53 levels. On the other side, immediate hurdle is seen at 1.5413 (previous day’s high) and 1.5491 (50% of last two week’s drop).
Focus on trade deficit
The UK trade deficit is seen widening in July, while the industrial production is seen rebounding month-on-month. The data comes a day before the Bank of England rate decision and minutes release. After the recent string of weak data and last week’s dismal PMI numbers, markets are speculating that the BOE rate hike may not happen any time soon.
Ahead in the NIESR UK GDP estimate could attract market’s attention as well. Meanwhile, the focus would also be on the US treasury yields and global stock markets, given the FOMC is just one week away.
GBP/USD Technical Levels
The spot currently trades around 1.5380; down 0.10%. The immediate support is seen at 1.5352 (200-DMA), followed by a major support at 1.53 levels. On the other side, immediate hurdle is seen at 1.5413 (previous day’s high) and 1.5491 (50% of last two week’s drop).