GBP/USD off lows, still in red ahead of UK manufacturing data

Haresh Menghani FXStreet

The GBP/USD pair failed to build on tepid recovery move from Tuesday's multi-week lows and retreated back to mid-1.2100s. The pair, however, has managed to bounce off few pips from session low and is currently trading around 1.2165 region ahead of UK manufacturing data.

Persistent worries of 'hard Brexit' continues to attract fresh selling pressure around the British Pound and spot ran through fresh offers at a previous strong support, now turned immediate resistance, near 1.2200 handle. Moreover, moderate US Dollar strength, as investors await for Donald Trump's scheduled press conference, also collaborated to the pair's weakness on Wednesday.

Wednesday's UK economic docket, featuring the release of manufacturing and industrial production data, accompanied with Goods Trade Balance for November, would be looked upon for short-term trading opportunities. Investors on Wednesday will also focus on BOE Governor Mark Carney's testimony before the Parliament's Treasury Select Committee, which might provide some fresh impetus for the pair's near-term trajectory.

Technical levels to watch

Immediate support below 1.2150 level is pegged near 1.2135-30 region below which the pair is likely to break below 1.2100 handle and head towards 1.2080-75 support area. On the upside, any recovery momentum above 1.2175-80 resistance might continue to confront strong hurdle near 1.2200 handle, which if cleared decisively might trigger a short-covering bounce towards 1.2280-85 resistance area.

1 Week
1 Month
1 Quarter

1 Week

Avg Forecast 1.2306

30% Bullish
30% Bearish
40% Sideways

Bias Sideways

1 Month

Avg Forecast 1.2237

27% Bullish
60% Bearish
13% Sideways

Bias Bearish

1 Quarter

Avg Forecast 1.2098

5% Bullish
58% Bearish
37% Sideways

Bias Bearish

Author

Haresh Menghani

FXStreet

Haresh Menghani is a detail-oriented professional with 10+ years of extensive experience in analysing the global financial markets.

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