The British Pound can´t shake off the negative tone set by a dovish BOE last Thursday, and extended its decline against the greenback down to 1.5163, ahead of the release of several UK macroeconomic figures, which came out mixed. September Industrial Production fell by 0.2% against expectations of a 0.1% decline, whilst Manufacturing Production declined 0.6% against the expected -0.9%- The UK trade deficit in the same month, reduced further, to £-1.353 billion.
The news however, failed to move the pair, which continues trading near its daily low ahead of the release of the US employment report. The US economy is expected to have recovered its job's growth pace in October, by adding around 180K new jobs against the previous month 142K, whilst the unemployment rate is expected to remain at 5.1%.
As for the technical picture, the GBP/USD pair 4 hours chart presents a strong bearish tone, with the technical indicators heading south, despite being in extreme oversold levels and the price extending its slide well below the daily ascendant trend line broken this Thursday. The pair can extend its decline down to 1.5100 later today, albeit additional short term declines seem unlikely, given the extension of the latest decline. A break below the level anyway, should open doors for a test of the 1.5000 figure early next week.
To the upside, the immediate resistance stands at 1.5200, with a break above it favoring an upward corrective movement up to 1.5260.
View the live chart of the GBP/USD
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