GBP/USD steadies around 1.51 ahead of UK data

Omkar Godbole FXStreet Contributor

FXStreet (Mumbai) - The GBP/USD pair continues to trade around 1.51 levels as markets await fresh cues from the November month Industrial production and trade balance data due for release later today.

The pair currently trades largely unchanged for the day at 1.5094 levels after having recovered from the low of 1.5036 yesterday. The pair may see a much awaited recovery today if the economic data in the UK manage to beat the market expectations. The industrial production is seen rising 1.6% year-on-year in November, compared to the October’s 1.1% rise. Meanwhile, the Total Trade deficit is seen contracting to GBP 2000 million.

However, the extent of the recovery also depends on the US December non-farm payrolls data due for release at 13:30 GMT.

GBP/USD Technical Levels

The pair has an immediate resistance located at 1.5120, above which it could test the hourly 100-SMA located at 1.5156 levels. Meanwhile, support is seen at 1.5076 and 1.5036 levels.

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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