GBP/USD tests highs near 1.2170 post-UK releases

Pablo Piovano FXStreet

Cable gathered further traction on Friday following the publication of UK releases for the month of January.

GBP/USD bid on data, focus on US NFP

The pair picked up pace after UK’s Industrial Production contracted at a monthly 0.4% (vs. -0.4% exp.) and Manufacturing Production dropped 0.9% inter-month (vs. -0.6% exp.).

Further results saw the trade deficit narrowing to £10.83 billion during the first month of the year vs. December’s £10.91 billion, while Construction Output has contracted 0.4% MoM.

Later in the session, spot should remain under pressure via USD-dynamics, as February’s Non-farm Payrolls are due (190K exp.).

GBP/USD levels to consider

As of writing the pair is up 0.04% at 1.2170 facing the next support at 1.2138 (low Mar.8) followed by 1.2036 (low Jan.11) and then 1.1979 (2017 low Jan.16). On the flip side, a breakout of 1.2253 (high Mar.7) would aim for 1.2302 (high Mar.6) and finally 1.2369 (20-day sma).

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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