TenkoFX - Analytics

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    GBP/USD remains capped below 1.3000 on UK data Dhwani Mehta

    The GBP/USD pair remains little change near the upper bound of 1.29 handle, with virtually no impact from the above estimates industrial and manufacturing production data.GBP/USD: Strong resistance placed at 1.3000Currently, GBP/USD now trades 0.43% higher at 1.2985, looking to retest 1.30 handle. The cable’s recovery from 1.2940 region lacked follow-through, despite the industrial figures from the UK economy bettering expectations, as sentiment was hit after the factory output dipped into contraction.Manufacturing production decreased 0.5% m/m in May, down from April’s 2.3%, while the indicator came in at 1.7% on a yearly basis in the same month. Both readings beat the estimates of -1.2% and 0.6%, respectively. Total industrial output fell 0.5% m/m in May, after a rebound of 2.1% seen in April. The print beat estimates of a negative 1.0%.The major remains confined in a narrow range below the key psychological barrier at 1.3000 as traders remain cautious ahead of the US ADP jobs report due later today, while Friday’s NFP figures also keep investors on the edge.GBP/USD Levels to consider The pair has an immediate resistance at 1.3000 (psychological levels), above which 1.3023 (Daily R1) would be tested. On the flip side, support is seen at 1.2877 (Daily low) below that at 1.2793 (multi-year low).


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