POUND STILL BEARISH BELOW 1.3168 LEVEL

The British pound has moved higher against the U.S dollar, hitting 1.3168, following better than expected UK economic data and a broad-based U.S dollar weakness. UK Industrial and Manufacturing production figures beat expectation, causing the pound to rise towards key resistance during the European trading session. The GBPUSD currently trades around the 1.3150 level, as U.S dollar weakness continues to support the pair above the 1.3130 level.

• The GBPUSD pair remains bearish while trading below the 1.3168 level. Further downside pressure towards the 1.3130 and 1.3109 levels should be expected. Extended intraday support is found at the 1.3086 and 1.3036 levels.

• Should price action break above the 1.3168 level, further upside towards the 1.3180 weekly price-high and the 1.3200 level remains likely. Extended intraday resistance is found at the 1.3268 level.