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10 Feb 2016

GBP/USD breaking higher ahead of UK data, near 1.4500

The GBP/USD pair recovered losses and jumped higher on the bids over the last hours as markets remain expectant of upbeat industrial figures from the UK.

GBP/USD awaits UK data, Yellen

The GBP/USD pair trades 0.18% higher at 1.4498, retreating quickly from fresh session highs of 1.4510. The major caught a fresh bid-wave on the back of a drastic turnaround in risk conditions as the European stocks rebound higher tracking the ongoing recovery in the oil prices.

Moreover, expectations of slight improvement in the UK’s factories also lifted the sentiment around the pound, driving GBP/USD higher beyond 1.45 handle. The UK industrial output in December is seen to show 0.1% dip on a monthly basis after the 0.7% drop reported a month ago, and adding 1.0% on an annual basis compared to the 0.9% growth in November. Meanwhile, manufacturing production may rise 0.1% m/m, following the 0.4% decline in November, and a fall of 1.4% y/y after a 1.2% drop a month ago.

GBP/USD Levels to consider

The pair has an immediate resistance at 1.4415/25 (Feb 9 High/ daily R1), above which 1.4547/66 (Feb 8 High/ 50-DMA) would be tested. On the flip side, support is seen at 1.4468/51 (10-DMA/ daily low) below which it could extend losses to towards 1.4400 (round number).
Feb 10, 2016

Norway Consumer Price Index (MoM) increased to 0.6% in January from previous -0.4%

Norway Consumer Price Index (MoM) increased to 0.6% in January from previous -0.4%
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Feb 10, 2016

Gold: Profit taking pushes prices below hourly 50-MA

The bulls have loosened their grip around gold, making way for a technical correction/profit taking. Prices currently trade below hourly 50-MA at USD 1189.38 levels.
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