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Forex: GBP/USD regains 1.5200 after US data

FXstreet.com (Córdoba) - The dollar pulled back across the board after the latest string of US data showed the NY Empire State manufacturing index unexpectedly fell in May, while producer prices dropped 0.7% in April, supporting the case that it is too early to talk about Fed tapering off QE3.

GBP/USD, which had fallen to a 6-week low of 1.5172 before the data, bounced back above 1.5200 and stretched an hourly high of 1.5247 before losing steam. At time of writing, the Cable is trading around 1.5215/20, where it is virtually unchanged since opening.

On the upside, GBP/USD could face immediate resistances at 1.5270 (daily high), followed by 1.5300 (psychological level) and 1.5340 (100-hour SMA). On the downside, supports are seen at 1.5172 (daily low), 1.5128 (61.8% of 1.4832-1.5607) and 1.5100 (psychological level).

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