GBPUSD HIGHER AFTER SOLID UK DATA
The GBPUSD pair has moved around 50 pips higher, moving back towards the daily pivot point, following better than expected industrial production and manufacturing figures from the United Kingdom economy.
Cable had early slipped to 1.2951, but found a bid on the stronger data, however, sentiment surrounding the pair remains weak after the Bank of England downgraded inflation and growth forecasts.
In the short term, the GBPUSD pair remains bullish above the 1.2999 level, with price now trading above all M5 time frame short term moving averages.
Key technical resistance is found at 1.3017, 1.3032 and the key 1.3047 level. The monthly and weekly GBPUSD pivot points are found at 1.3082 and 1.3094 levels.
Key technical support for the GBPUSD pair is found at the 1.2980 level, the current weekly and daily price low, at 1.2950, and the July 20th price low, at 1.2933.