GBP/USD parked around 1.3800 post-data

Friday, 9 March 2018 17:43 WIB



The British Pound is trading almost unchanged vs. the buck so far on Friday, with GBP/USD hovering over the 1.3800/10 band in the wake of UK's data releases.

GBP/USD unchanged on data, looks to US docket

Cable posted little-to-nil reaction and stays above the 1.3800 handle in response to weaker-than-expected releases in the UK calendar today.

In fact, Manufacturing Production expanded at a monthly 0.1% and Industrial Production gained 1.3% inter-month, while the trade deficit widened to £12.32 billion during the first month of the year, all readings coming in below initial estimates.

In the meantime, the absence of Brexit headlines as of late seems to have removed some downside pressure from the British Pound, albeit this is seen as temporary. Furthermore, the pair is looking to stabilize around the lower bound of the weekly range following Thursday's sharp pullback to the 1.3780 area.

Later in the day, the NIESR GDP Estimate is due ahead of the US Non-farm Payrolls for the month of February (200K expected).

GBP/USD levels to consider

As of writing, the pair is losing 0.01% at 1.3808 and a breakdown of 1.3782 (low Mar.8) would aim for 1.3712 (low Mar.1) and finally 1.3658 (high Sep.20 2017). On the flip side, the immediate hurdle lines up at 1.3847 (10-day sma) seconded by 1.3932 (high Mar.6) and then 1.4071 (high Feb.26).

Source: FXstreet




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