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The  GBP/USD pair recovered the 1.4200 level during the European morning, having recovered from a low set a 1.4176 at the beginning of the day, led mostly by a weaker greenback. Data coming from the UK is helping the Sterling to tick higher to fresh daily highs, as  Industrial Production is estimated to have increased by 0.3% monthly basis, below market expectations but reversing the negative readings of the previous month. Manufacturing in the same period rose by 0.7%, against the 0.2% expected and than the previous -0.2%. Average, the news were positive, although not enough to push the pair through the weekly high of 1.4283. Also, the figures were in line with  worldwide data, poor to say the least.

The Pound however, seems poised to maintain its recently acquired bullish tone, as in the 4 hours chart, the price is advancing above a mild bullish 20 SMA, whilst the technical indicators have turn north, and head higher within positive territory. In the mentioned time frame, the 200 EMA stands in the 1.4270 region, offering a strong dynamic resistance. At this point the price needs to advance beyond the 1.4290 level to confirm a break higher, and advance up to the 1.4330/50 region, while beyond this last 1.4390 comes next.

It would take a break below the mentioned low around 1.4170 to see the pair sliding, with the probable bearish target then at 1.4130. 


View the live chart of the GBP/USD

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